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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Trading suggestion:

Regarding the entry signal of DTO we will invest at Monday - if no GAP - when the market opens.

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

  • Beginning of entry zone (1.6856)
  • Ending of entry zone (1.6711)

DateNovember 27, 2021 - 21:01
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.66000, beginning of uptrend is expected.
  • We make sure when the resistance at 1.76000 breaks.
  • If the support at 1.66000 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 1.688351 on 2021-10-15 and the trough at 1.670948 on 2021-11-12, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.6836 on 11/26/2021, so more gains to resistance(s) 1.7167, 1.7262, 1.7423 and maximum to Major Resistance (1.7600) 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 57.

Take Profits:

  1. 1.7006
  2. 1.7167
  3. 1.7262
  4. 1.7423
  5. 1.7600
  6. 1.7874
Click on the level to view price action history.