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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup

#GBPCAD
Total Profit: 1955 pip
Closed trade(s): 629 pip Profit
Open trade(s): 1326 pip Profit

Trade Setup:
We opened 9 SELL trade(s) @ 1.7513 based on 'Peak' at 2021.02.26 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.7435 touched at 2021.03.12 with 78 pip Profit.
TP2 @ 1.7315 touched at 2021.03.15 with 198 pip Profit.
TP3 @ 1.7160 touched at 2021.04.09 with 353 pip Profit.
78 + 198 + 353 = 629 pip

Open Profit:
Profit for one trade is 1.7513(open price) - 1.7292(current price) = 221 pip
6 trade(s) still open, therefore total profit for open trade(s) is 221 x 6 = 1326 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.
DateApril 17, 2021 - 14:08
Currentrange bound
Forecastcontinuation of downtrend

Midterm forecast:

  • While the price is below the resistance 1.79000, continuation of downtrend is expected.
  • We make sure when the support at 1.67700 breaks.
  • If the resistance at 1.79000 is broken, the short-term forecast -continuation of downtrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 54 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 1.7445 on 04/06/2021, so more losses to support(s) 1.7160, 1.6975 and minimum to Major Support (1.6770) 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 46.

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.
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.