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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Trading suggestion:

Price is in the Trend Hunter Buy Zone (1.53500 to 1.52450).

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

  • Beginning of entry zone (1.53500)
  • Ending of entry zone (1.52450)

DateAugust 27, 2022 - 19:30
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.52450, beginning of uptrend is expected.
  • We make sure when the resistance at 1.60016 breaks.
  • If the support at 1.52450 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.5482 on 2022-06-14 and the trough at 1.52539 on 2022-08-26, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.57675 on 08/02/2022, so more losses minimum to Major Support (1.52450) 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 34.

Take Profits:

  1. 1.56132
  2. 1.57750
  3. 1.60016
  4. 1.61707
  5. 1.65062
  6. 1.66382
  7. 1.69541
  8. 1.73728
  9. 1.76000
  10. 1.80078
Click on the level to view price action history.