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 - 2.0400

 By: Dmitriy Chernovolov

  • GBP/CAD reached buy target 2.0000
  • Next buy target - 2.0400

GBP/CAD has been rising sharply in the last few trading sessions – following the earlier breakout of the round resistance level 2.0000, which was set as the buy target in our previous forecast for this currency pair. The sharp minor impulse wave (iii), which broke the resistance level 2.0000, was recently stopped by the resistance zone lying at the intersection of the resistance trendlines of the two daily up channels (as you can see below).

With the daily Momentum near the yearly highs - GBP/CAD can be expected to break the aforementioned resistance zone and to rise to the next buy target 2.0400.

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