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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.

DateMarch 13, 2022 - 13:35
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 1.67110 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 1.72826 on 2021-12-29 and the peak at 1.73763 on 2022-02-21, the probability of uptrend continuation is decreased and the probability of continuation of downtrend is increased.
  • A peak is formed in daily chart at 1.6920 on 03/08/2022, so more losses to support(s) 1.6609, 1.6385, 1.6190 and more depths 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 24.

Supports and Resistances:

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