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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:

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

DateJune 5, 2022 - 19:40
Currentdowntrend
Forecastresumption of downtrend

Midterm forecast:

  • 1.58810 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.

Technical analysis:

  • The RSI resistance #1 at 42 is broken, so the probability of resumption of downtrend is decreased.
  • A peak is formed in daily chart at 1.61810 on 05/26/2022, so more losses to support(s) 1.56132, 1.54773, 1.52850 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 33.

Supports and Resistances:

  1. 1.76000
  2. 1.73728
  3. 1.71689
  4. 1.69541
  5. 1.66000
  6. 1.62950
  7. 1.61602
Click on the level to view price action history.