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 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).

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