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 - 2.0060 and 2.0200

By: Dmitriy Chernovolov

  • GBP/CAD reached sell target 1.9750
  • Next buy targets - 2.0060 and 2.0200

GBP/CAD continues to rise after the recent upward reversal from the support level 1.9750, which was set as the sell target in our previous forecast for this currency pair. The pair reversed up from the support zone surrounding the support level 1.9750 with three consecutive Japanese candlesticks reversal patterns – Morning Star and two Bullish Engulfing patterns (as can be seen on the daily GBP/CAD chart below).

GBP/CAD is likely to rise further toward the next resistance level 2.0060 (which reversed previous wave 2, former strong support level which stopped previous wave (A) in September) – the breakout of which can lead to further gains toward 2.0200.

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