The British Pound is enjoying a monster bull run against the Canadian Dollar, as the latter one struggled recently against a basket of currencies. There is a possibility that a wave duplication pattern is forming on the weekly chart of GBPCAD, which can be seen as a target of buyers, and where we might look for sell opportunities. Until then, every minor correction from the current levels could be seen as a buying opportunity.
Looking at the hourly chart, there is a chance of one more wave duplication pattern. So, if the price corrects a few pips lower from the current levels we can enter a buy trade.
Technical Analysis
W1 – Possibility of the pair completing the highlighted wave duplication pattern.
Entry:
H1– We can enter a Buy trade if the price corrects a few pips from the current levels and forms a bullish divergence. Our target would be around the wave duplication area as highlighted in the chart.
Target 1: 1.9950
Target 2: 2.0000
Stop Loss: Below the last low created before entering the trade.
Video Explanation:
Hi Traders! Arvinth here from the Home Trader Club team. The weekly summary and, review of May…
World stocks scored a third straight record high and bond markets were rallying on Thursday…
Hi Traders! Today I am sharing with you the GBPCAD technical analysis and short term…
Hi Traders! EURGBP short term forecast update and follow up is here. On March 27th…
Hi Traders! GBPAUD technical analysis and short term forecast is here. We do our analysis…
Hi Traders! CHFJPY short term forecast update and follow up is here. On March 20th…