Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/CAD: sell target - 1.3200

By: Dmitriy Chernovolov

  • USD/CAD reversed from resistance level 1.3400
  • Next sell target - 1.3200

USD/CAD continues to fall after the earlier downward reversal from the strong resistance level 1.3400 (former strong support level which was broken by the active (c)-wave of the minor ABC correction 2 from the middle of January). The downward reversal from the resistance level 1.3400 intensified the bearish pressure on this currency pair - accelerating the active minor (c)-wave from February (which earlier broke the daily up channel from last May).

USD/CAD is likely to fall further to the next sell target at the support level 1.3200 – the breakout of which can lead to further losses toward 1.3000 (target price for the completion of the active (c)-wave).

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