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

#GBPCAD
Total Profit: 1965 pip
Closed trade(s): 606 pip Profit
Open trade(s): 1359 pip Profit

Trade Setup:
We opened 12 SELL trades @ 1.79117 based on 'Shooting Star' entry method at 2024-11-11, signaled by DTO:
https://www.forecastcity.com/en/forecasts/Forex/daily-trading-opportunit...

Closed Profit:
TP1 @ 1.78709 touched at 2024-11-12 with 41 pip Profit.
TP2 @ 1.76819 touched at 2024-11-19 with 230 pip Profit.
TP3 @ 1.75765 touched at 2024-11-21 with 335 pip Profit.
41 + 230 + 335 = 606 pip

Open Profit:
Profit for one SELL trade is 1.79117(open price) - 1.77613(current price) = 151 pip
9 trade(s) still open, therefore total profit for open trade(s) is 151 x 9 = 1359 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 1.78709 is broken, we will close open trades.
DateDecember 2, 2024 - 19:32
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 1.78709 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
  • We will close our open trades, if the Midterm level 1.78709 is broken.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of continuation of downtrend is increased.
  • A peak is formed in daily chart at 1.81500 on 10/30/2024, so more losses to support(s) 1.76819, 1.75765, 1.74166 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 48.

Take Profits:

  1. 1.78709
  2. 1.76819
  3. 1.75765
  4. 1.74166
  5. 1.72705
  6. 1.70900
  7. 1.69267
  8. 1.67670
  9. 1.65599
  10. 1.63703
  11. 1.60894
Click on the level to view price action history.
Symbol Released Current Forecast
British Pound / Canadian Dollar (GBPCAD) new free Tue, 14 Jan 2025
British Pound / Canadian Dollar (GBPCAD) free Sun, 12 Jan 2025
British Pound / Canadian Dollar (GBPCAD) free Sun, 5 Jan 2025
British Pound / Canadian Dollar (GBPCAD) Sun, 29 Dec 2024
British Pound / Canadian Dollar (GBPCAD) Mon, 23 Dec 2024
History
Daily-Trading-Opportunities on GBPCAD.