USD/CAD reached sell targets 1.2930 and 1.2850
By: Dmitriy Chernovolov
- USD/CAD reached sell targets 1.2930 and 1.2850
- Next sell target – 1.2600
USD/CAD recently broke the support levels 1.2930 and 1.2850 (long-term strong support level which reversed the previous intermediate wave (4) in October of 2015) – both of which were set in our previous forecast as the sell targets for this currency pair. The price earlier reversed sharply from the resistance zone lying between the round resistance level 1.3000, resistance trendline of the daily down channel from January and the 38.2% Fibonacci correction of the previous downward impulse from end of wave (iv).
USD/CAD is expected to fall further in the active downward impulse waves 5, (C) and ② toward the next sell target at the support level 1.2600. Strong resistance now stands at 1.2850.