Categories: Forex Education

GBPCAD Heading Higher In Short Term

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:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.