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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup
#GBPCAD
Total Profit: 593 pip
Closed trade(s): 113 pip Profit
Open trade(s): 480 pip Profit

Trade Setup:
We opened 4 BUY trade(s) @ 1.7202 (day close price) based on 'Valley' at 2020.07.27.

Closed Profit:
TP1 @ 1.7315 touched at 2020.07.28 with 113 pip Profit.

Open Profit:
Profit for one trade is 1.7362(current price) - 1.7202(open price) = 160 pip
3 trade(s) still open, therefore total profit for open trade(s) is 160 x 3 = 480 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
DateAugust 15, 2020 - 20:55
Currentuptrend
Forecastcontinuation of uptrend

Midterm forecast:

  • 1.71750 is a major support, while this level is not broken, the Midterm wave will be uptrend.

Technical analysis:

  • The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
  • There is a divergence in RSI and price between the trough at 1.6843 on 2020-05-27 and the trough at 1.6768 on 2020-06-30, the probability of downtrend continuation is decreased and the probability of continuation of uptrend is increased.
  • The RSI resistance #1 at 60 is broken, so the probability of continuation of uptrend is increased.
  • While the RSI support #2 at 50 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 1.7675 on 07/31/2020, so more losses to support(s) 1.7315 and minimum to Major Support (1.7175) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 56.

Take Profits:

  1. 1.7315
  2. 1.7790
  3. 1.8050
Click on the level to view price action history.
Symbol Released Current Forecast
British Pound / Canadian Dollar (GBPCAD) Sun, 14 Apr 2024
British Pound / Canadian Dollar (GBPCAD) Sun, 7 Apr 2024
British Pound / Canadian Dollar (GBPCAD) Sat, 30 Mar 2024
British Pound / Canadian Dollar (GBPCAD) Mon, 25 Mar 2024
British Pound / Canadian Dollar (GBPCAD) Sun, 17 Mar 2024
History
Daily-Trading-Opportunities on GBPCAD.