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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Download MT4 template file

Trade Setup
#GBPCAD
Total Profit: 78 pip
Closed trade(s): 78 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 1.6341 (day close price) based on 'Valley' at 2019.07.18 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.6420 touched at 2019.07.24 with 78 pip Profit.

9 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

Price is in the Trend Hunter Buy Zone (1.6145 to 1.6000).

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.6145)
    • Resistance on 07/05/2010
    • Resistance on 07/06/2010
    • Resistance on 07/27/2010
    • Support on 08/02/2010
    • Support on 08/04/2010
    • Support on 08/05/2010
    • Support on 08/06/2010
    • Support on 08/13/2010
    • Support on 08/20/2010
    • Support on 09/02/2010
    • Resistance on 09/08/2010
    • Resistance on 09/17/2010
    • Resistance on 09/22/2010
    • Support on 09/30/2010
    • Resistance on 10/06/2010
    • Resistance on 10/11/2010
    • Resistance on 10/12/2010
    • Resistance on 10/22/2010
    • Support on 11/02/2010
    • Support on 11/03/2010
    • Support on 11/05/2010
    • Support on 11/08/2010
    • Support on 11/12/2010
    • Support on 11/15/2010
    • Support on 11/16/2010
    • Support on 11/23/2010
    • Resistance on 02/23/2011
    • Resistance on 05/27/2011
    • Resistance on 05/30/2011
    • Resistance on 08/05/2011
    • Resistance on 08/12/2011
    • Resistance on 08/15/2011
    • Support on 08/24/2011
    • Support on 10/03/2011
    • Resistance on 10/13/2011
    • Resistance on 10/18/2011
    • Support on 11/02/2011
    • Support on 11/03/2011
    • Support on 11/04/2011
    • Support on 11/14/2011
    • Support on 11/15/2011
    • Support on 11/18/2011
    • Support on 11/25/2011
    • Resistance on 12/16/2011
    • Resistance on 12/20/2011
    • Resistance on 12/21/2011
    • Resistance on 05/08/2012
    • Resistance on 05/16/2012
    • Resistance on 05/23/2012
    • Resistance on 05/24/2012
    • Resistance on 05/25/2012
    • Resistance on 10/31/2012
    • Resistance on 11/01/2012
    • Resistance on 01/02/2013
    • Resistance on 06/21/2013
    • Resistance on 08/07/2013
    • Resistance on 08/08/2013
    • Resistance on 08/15/2013
    • Resistance on 08/16/2013
    • Support on 10/07/2016
    • Support on 10/13/2016
    • Resistance on 10/18/2016
    • Resistance on 10/19/2016
    • Support on 10/21/2016
    • Support on 10/25/2016
    • Support on 08/18/2017
    • Support on 08/21/2017
    • Support on 08/29/2017
    • Support on 08/30/2017
    • Resistance on 09/01/2017
    • Resistance on 09/05/2017
    • Resistance on 09/06/2017
    • Trough on 07/15/2019
    • Support on 07/16/2019
  • Ending of entry zone (1.6000)
    • Resistance on 03/30/2012
    • Resistance on 04/02/2012
    • Resistance on 04/19/2012
    • Resistance on 04/20/2012
    • Resistance on 04/23/2012
    • Resistance on 04/24/2012
    • Resistance on 05/02/2012
    • Resistance on 05/03/2012
    • Support on 05/11/2012
    • Support on 05/16/2012
    • Resistance on 05/30/2012
    • Resistance on 06/01/2012
    • Resistance on 06/04/2012
    • Resistance on 06/05/2012
    • Resistance on 06/06/2012
    • Resistance on 06/12/2012
    • Resistance on 06/13/2012
    • Support on 06/21/2012
    • Support on 06/26/2012
    • Resistance on 09/27/2012
    • Resistance on 11/08/2012
    • Resistance on 11/09/2012
    • Resistance on 12/05/2012
    • Resistance on 12/17/2012
    • Support on 12/27/2012
    • Support on 12/28/2012
    • Support on 01/02/2013
    • Resistance on 06/14/2013
    • Resistance on 06/19/2013
    • Support on 08/15/2013
    • Support on 10/07/2016
    • Support on 10/11/2016
    • Support on 10/14/2016
    • Support on 10/19/2016
    • Support on 01/10/2017
    • Support on 01/11/2017
    • Support on 08/24/2017
    • Support on 08/25/2017
    • Support on 09/05/2017
    • Support on 09/14/2017
    • Support on 08/01/2019

DateAugust 3, 2019 - 20:58
Currentdowntrend
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.57350, beginning of uptrend is expected.
  • We make sure when the resistance at 1.65850 breaks.
  • If the support at 1.57350 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI bounced from the support #1 at 22 and it prevented price from more losses.
  • While the RSI resistance #2 at 43 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 1.6445 on 07/24/2019, so more losses to support(s) 1.6000 and minimum to Major Support (1.5735) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 31.

Take Profits:

  1. 1.6420
  2. 1.6585
  3. 1.6770
  4. 1.6975
  5. 1.7135
  6. 1.7315
  7. 1.7535
  8. 1.7725
  9. 1.8415
Click on the level to view price action history.