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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 target 1.2800

  • USD/CAD reached sell target 1.2800
  • Next sell target - 1.2600

USD/CAD continues to fall – after the earlier breakout of the support level 1.2800 (which reversed the previous intermediate (B)-wave in May and which was set as the sell target in our previous forecast for this currency pair). The breakout of the support level 1.2800 is likely to accelerate the active intermediate impulse wave (3) – which started previously – when the pair reversed down from the resistance zone surrounding the pivotal resistance level 1.3200 (which stopped the earlier waves 2 and (C), as can be seen below).

USD/CAD is likely to fall further toward the next sell target at the support level 1.2600 (target price calculated for the completion of the active intermediate impulse wave (3)).

CAD
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