USD/CAD: sell targets – 1.2930 and 1.2850
By: Dmitriy Chernovolov
- USD/CAD falling inside impulse waves 5 and (C)
- Next sell targets – 1.2930 and 1.2850
USD/CAD recently reversed down from the resistance zone lying between the resistance level 1.3250 and the 38.2% Fibonacci correction of the previous sharp minor impulse wave 3 from the end of February. The downward reversal from this resistance zone started the active minor impulse wave 5 which belongs to the intermediate wave (C) of the primary ABC correction ② from the middle of January.
USD/CAD is likely to fall further in the active impulse waves 5 and (C) toward the next sell target at the support level 1.2930 (low of the previous impulse wave 3) – the breakout of this can lead to further losses toward the stronger support level 1.2850 (low of wave (4) from October).