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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 – 1.9800

 By: Dmitriy Chernovolov

  • GBP/CAD reached buy target 1.9560
  • Next buy target – 1.9800

GBP/CAD today broke above the strong resistance level 1.9560 (which stopped the previous intermediate (A)-wave in February and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 1.9560 follows the earlier upward reversal from the support level 1.9400 (which has been repeatedly reversing the pair in the last few days).

GBP/CAD is likely to rise further toward the next buy target 1.9800 (target price calculated for the completion of the active minor impulse wave (iii)).

GBP
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