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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.46522 to 1.45211). 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 (1.46522)
  • Ending of entry zone (1.45211)

DateSeptember 29, 2022 - 23:06
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.45211, beginning of uptrend is expected.
  • We make sure when the resistance at 1.54846 breaks.
  • If the support at 1.45211 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • While the RSI downtrend #1 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 1.40155 on 09/26/2022, so more gains to resistance(s) 1.53011, 1.54027 and maximum to Major Resistance (1.54846) 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 54.

Take Profits:

  1. 1.53011
  2. 1.54027
  3. 1.54846
  4. 1.56132
  5. 1.57628
  6. 1.60016
  7. 1.61707
  8. 1.65062
  9. 1.66382
  10. 1.69541
  11. 1.73728
  12. 1.76000
  13. 1.80078
Click on the level to view price action history.