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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateOctober 10, 2021 - 13:56
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 1.72560, resumption of downtrend is expected.
  • We make sure when the support at 1.67700 breaks.
  • If the resistance at 1.72560 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • A peak is formed in daily chart at 1.7602 on 09/20/2021, so more losses to support(s) 1.6905, 1.6817 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 26.