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

#GBPCAD
Total Loss: 1736 pip
Closed trade(s): 1736 pip Loss

Trade Setup:
We opened 8 BUY trades @ 1.59992 based on 'Valley' entry method at 2022-05-17, signaled by DTO:
https://www.forecastcity.com/en/forecasts/Forex/daily-trading-opportunit...

Closed Profit:
TP1 @ 1.61602 touched at 2022-05-26 with 161 pip Profit.
Closed Loss:
SL @ 1.57276 touched at 2022-05-27 with 1897 pip Loss.
Loss for one BUY trade is 1.59992(open price) - 1.57276(close price) = 271 pip
Therefore total loss for trades is 271 x 7 = 1897 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.59100 to 1.57750). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.59100)
  • Ending of entry zone (1.57750)
DateMay 29, 2022 - 18:47
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.57750, beginning of uptrend is expected.
  • We make sure when the resistance at 1.66000 breaks.
  • If the support at 1.57750 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI resistance #1 at 42 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.57750 on 05/13/2022, so more gains to resistance(s) 1.61602, 1.62950, 1.65062 and maximum to Major Resistance (1.66000) 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 49.

Take Profits:

  1. 1.61602
  2. 1.62950
  3. 1.66000
  4. 1.69541
  5. 1.71689
  6. 1.73728
  7. 1.76000
Click on the level to view price action history.
Symbol Released Current Forecast
British Pound / Canadian Dollar (GBPCAD) new Sun, 21 Apr 2024
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
History
Daily-Trading-Opportunities on GBPCAD.