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 targets - 2.0600 and 2.0800

By: Dmitriy Chernovolov

  • GBP/CAD reached buy target 2.0400
  • Next buy targets - 2.0600 and 2.0800

GBP/CAD opened this week with the sharp upward gap breaking above the resistance level 2.0400, which was set as the buy target in our previous forecast for this currency pair. The price earlier reversed up sharply from the powerful support zone lying between the support level 2.0150 (which has been revising the price in the last two weeks, as you can see below) and the 38.2% Fibonacci Correction of the previous upward impulse from the middle of July.

GBP/CAD is likely to rise further in the active impulse waves (iii) and 5 toward the next buy targets 2.0600 and 2.0800.

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