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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Download MT4 template file

Trade Setup
#GBPCAD
Total Profit: 792 pip
Closed trade(s): 120 pip Profit
Open trade(s): 672 pip Profit

Trade Setup:
We opened 7 SELL trade(s) @ 1.7285 (day close price) based on 'Peak' at 2020.11.27 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.7165 touched at 2020.12.04 with 120 pip Profit.

Open Profit:
Profit for one trade is 1.7285(open price) - 1.7173(current price) = 112 pip
6 trade(s) still open, therefore total profit for open trade(s) is 112 x 6 = 672 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
DateDecember 5, 2020 - 21:02
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.80500, beginning of downtrend is expected.
  • We make sure when the support at 1.65850 breaks.
  • If the resistance at 1.80500 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 58 is not broken, the probability of price increase would be too low.
  • The RSI uptrend #2 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.7491 on 11/23/2020, so more losses to support(s) 1.7165, 1.6975, 1.6770 and minimum to Major Support (1.6585) 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. 1.7165
  2. 1.6975
  3. 1.6770
  4. 1.6585
  5. 1.6190
  6. 1.5875
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.