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 - 2.0600

By: Dmitriy Chernovolov

  • GBP/CAD broke strong resistance level 2.0290
  • Next buy target - 2.0600

GBP/CAD continues to rise after the recent breakout of the strong resistance level 2.0290 (which reversed earlier waves (1) and B and which is the upper boundary of the sideways price range inside which the pair has been moving from the middle of October, as you can see below). The price earlier reversed up from the round support level 2.0000 (lower boundary of the aforementioned price range) – starting the active impulse wave (3) – which recently broke the daily Triangle from September.

GBP/CAD is likely to rise further in the active impulse waves (3) and ③ toward the next buy target at the resistance level 2.0600.

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