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.