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: buy target – 1.9000

By: Dima Chernovolov

  • GBP/CAD broke resistance level 1.8600
  • Next buy target – 1.9000

GBP/CAD today broke the resistance level 1.8600 (which reversed the previous waves 4 and (1) in April, as you can see below). The breakout of this resistance level continues the active intermediate impulse wave (3) – which started earlier this month, when the pair reversed up from the support area lying at the intersection of the support trendline of the long-term up channel from 2014, the former resistance trendline of the recently broken narrow down channel from February and the support level 1.8240 (which also reversed the previous primary ABC correction ② in April).

GBP/CAD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target 1.9000.

Scroll to top