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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Download MT4 template file

Trade Setup

#GBPCAD
Total Profit: 1493 pip
Closed trade(s): 268 pip Profit
Open trade(s): 1225 pip Profit

Trade Setup:
We opened 9 SELL trade(s) @ 1.7509 (day close price) based on 'Peak' at 2021.03.05 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.7435 touched at 2021.03.12 with 74 pip Profit.
TP2 @ 1.7315 touched at 2021.03.15 with 194 pip Profit.
74 + 194 = 268 pip

Open Profit:
Profit for one trade is 1.7509(open price) - 1.7334(current price) = 175 pip
7 trade(s) still open, therefore total profit for open trade(s) is 175 x 7 = 1225 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.

DateMarch 21, 2021 - 20:02
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 1.67700 breaks.
  • If the resistance at 1.80500 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A trough is formed in daily chart at 1.7235 on 03/16/2021, so more gains to resistance(s) 1.7435, 1.7675, 1.7790 and maximum to Major Resistance (1.8050) 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 40.

Take Profits:

  1. 1.7435
  2. 1.7315
  3. 1.7160
  4. 1.6975
  5. 1.6770
  6. 1.6585
  7. 1.6190
  8. 1.5875
Click on the level to view price action history.