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 reversed from resistance zone

By: Dmitriy Chernovolov

  • USD/CAD reversed from resistance zone
  • Next sell target - 1.2800

USD/CAD recently reversed down from the resistance zone lying at the intersection of the pivotal resistance level 1.3000 (former strong support level which stopped the earlier impulse waves (iii) and i, as can be seen from the daily USD/CAD chart below), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse wave from February. The downward reversal from this resistance zone stopped the active intermediate impulse wave (3).

USD/CAD is likely to fall further to the next sell target at the nearby support level 1.2800. Sell stop-loss can be placed above the aforementioned resistance level 1.3000.

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