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

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

USD/CAD recently reversed down from the resistance zone lying between the pivotal resistance level 1.3120 (which reversed the previous waves (2) and (a), as can be seen from the daily USD/CAD chart below), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from the end of February. The downward reversal from this resistance zone completed the previous minor ABC correction 2, which belongs to the intermediate impulse wave (3) from May.

USD/CAD is likely to fall further to the next sell target at the support level 1.2800. Sell stop-loss can be placed above the aforementioned resistance level 1.3120.

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