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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 - 1.2850

By: Dmitriy Chernovolov

  • USD/CAD reached sell target 1.3200
  • Next sell target - 1.2850

USD/CAD recently broke sharply below the support level 1.3200, which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 1.3200 intensified the bearish pressure on USD/CAD, accelerating the active minor impulse wave 3, which belongs to the intermediate (C)-wave of the primary ABC correction ② from the middle of January.

The pair today broke the round support level 1.3000. If the price closes today below 1.3000 - USD/CAD can then be expected to fall further in the active impulse waves 3 and (C) toward the next sell target at the pivotal support level 1.2850 (which stopped the previous intermediate ABC correction (4) in last October).

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