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 reversed from support zone
  • Next buy targets - 2.0600 and 2.0800

GBP/CAD opened this week with the upward gap – following the earlier sharp upward reversal from the strong support zone lying between the support level 2.02000 (which has been reversing the pair from the middle of July, as you can see below) and the 38.2% Fibonacci Retracement of the preceding sharp upward impulse from the start of July. The upward reversal from this support zone completed the previous minor correction 4.

GBP/CAD is expected to rise further in the active minor impulse wave 5 toward the next buy target at the resistance level 2.0600 (which stopped previous impulse 3) – the breakout of which can lead to further gains toward 2.0800.

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