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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup
#GBPCAD
Total Profit: 959 pip
Closed trade(s): 113 pip Profit
Open trade(s): 846 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 1.7484(current price) - 1.7202(open price) = 282 pip
3 trade(s) still open, therefore total profit for open trade(s) is 282 x 3 = 846 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 29, 2020 - 22:29
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:

  • While the RSI support #1 at 45 is not broken, the probability of price decrease would be too low.
  • A trough is formed in daily chart at 1.7207 on 08/24/2020, so more gains to resistance(s) 1.7790, 1.8050, 1.8415 and more heights 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 59.

Take Profits:

  1. 1.7315
  2. 1.7790
  3. 1.8050
Click on the level to view price action history.