Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/CAD: sell target - 1.8000

  • GBP/CAD falls inside primary ABC wave ②
  • Next sell target - 1.8000

GBP/CAD has been falling sharply in the last 2 months – following the earlier breakout of the support level 1.9000 (which was set as the sell target in our previous forecast for this currency pair). The breakout of this support level accelerated the active primary corrective ABC wave ② from the middle of February. The latest (C)-wave of this primary correction recently broke the support levels 1.8600 and 1.8400 (former high of the intermediate impulse (1) from December).

GBP/CAD is expected to continue to fall inside the active (C)-wave toward the next sell target 1.8000. The pair will need to break the weekly up channel to reach this sell target.

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