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 - 2.0100

By: Dmitriy Chernovolov

  • GBP/CAD reversed from pivotal support level 1.9900
  • Next buy target - 2.0100

GBP/CAD continues to rise after the recent sharp upward reversal from the pivotal support level 1.9900 – which also previously reversed the pair sharply with the daily Japanese candlesticks reversal pattern Bullish Engulfing at the start of December (as can be seen below). The support level 1.9900 is also the upper boundary of the strong support zone lying between the support levels 1.9900 and 1.9750 (low of the previous C-wave from October).

Given the strength of the support level 1.9900 and the oversold reading on the daily Stochastic indicator - GBP/CAD can be expected to rise further toward the next buy target at the resistance level 2.0100.

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