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 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.

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