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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD
Trade Setup

#GBPCAD
Total Profit: 826 pip
Closed trade(s): 330 pip Profit
Open trade(s): 496 pip Profit

Trade Setup:
We opened 6 BUY trade(s) @ 1.7050 (day close price) based on 'Valley' at 2021.11.26 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.7167 touched at 2021.12.22 with 117 pip Profit.
TP2 @ 1.7263 touched at 2021.12.29 with 213 pip Profit.
117 + 213 = 330 pip

Open Profit:
Profit for one trade is 1.7174(current price) - 1.7050(open price) = 124 pip
4 trade(s) still open, therefore total profit for open trade(s) is 124 x 4 = 496 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.

DateJanuary 9, 2022 - 13:12
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.66000, resumption of uptrend is expected.
  • We make sure when the resistance at 1.76000 breaks.
  • If the support at 1.66000 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • A peak is formed in daily chart at 1.7311 on 01/06/2022, so more losses to support(s) 1.7167, 1.7066, 1.7006 and minimum to Major Support (1.6600) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 55.

Take Profits:

  1. 1.7167
  2. 1.7263
  3. 1.7423
  4. 1.7600
  5. 1.7874
Click on the level to view price action history.