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 - 1.2830

USD/CAD continues to fall inside the minor impulse wave 3 – which started earlier - when the pair reversed down from the resistance zone lying between the pivotal resistance level 1.3120 (which has been reversing the price from the middle of May), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse from February.

USD/CAD is likely to fall further to the next sell target at the support level 1.2830 (which stopped the previous minor (b)-wave at the start of July, as can be seen below).

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