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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup
#GBPCAD
Total Profit: -117 pip
Closed trade(s): 411 pip Profit
Open trade(s): -528 pip Profit

Trade Setup:
We opened 5 BUY trade(s) @ 1.7202 (day close price) based on 'Valley' at 2020.07.27.

Closed Profit:
TP1 @ 1.7280 touched at 2020.07.28 with 78 pip Profit.
TP2 @ 1.7535 touched at 2020.07.30 with 333 pip Profit.
78 + 333 = 411 pip

Open Profit:
Profit for one trade is 1.7026(current price) - 1.7202(open price) = -176 pip
3 trade(s) still open, therefore total profit for open trade(s) is -176 x 3 = -528 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.

DateOctober 17, 2020 - 22:09
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.65400, beginning of uptrend is expected.
  • We make sure when the resistance at 1.72800 breaks.
  • If the support at 1.65400 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.7279 on 09/30/2020, so more losses to support(s) 1.6975, 1.6770 and minimum to Major Support (1.6540) 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 44.

Take Profits:

  1. 1.6975
  2. 1.7280
  3. 1.7535
  4. 1.7790
  5. 1.8050
Click on the level to view price action history.