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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 - 2.1200

By: Dmitriy Chernovolov

  • GBP/CAD reached buy targets 2.0600 and 2.0800
  • Next buy target - 2.1200

GBP/CAD continues to rise after the recent sharp breakout of the resistance levels 2.0600 (top of the previous impulse wave 3) and 2.0800 – both of which were set in or previous forecast as the buy targets for this currency pair. The breakout of these resistance levels accelerated the active impulse waves (iii) and 5 – which are a part of the sharp intermediate (C)-wave from April.

 GBP/CAD is expected to continue to rise in the active (C)-wave toward the next buy target at the resistance level 2.1200 (intersecting with the upper resistance trendline of the daily up channel from the start of May, which has enclosed the active intermediate impulse sequence).

GBP
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