GBPCAD after retracing 38.2% of the 6th May to 12th august trend has now fallen below the ascending broadening wedge pattern, which makes it vulnerable to selling up to 1.60690. The stop loss for the trade will be above the high of the previous session i.e. at 1.63747.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.63415). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
GBP CAD Is Toast Stay Short , currently +280 on last GBPCAD short , one of many this year
With Fridays Poor figures , the GBP is well on its way to parity to the USD
Only the Fools and Paupers would long the GBP next week
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GBP/CAD has broken out of head and shoulder pattern in the 1-hour charts.
Further, the impulse wave suggests the trend is shifting to a downwards.
Hence we expect the pair to move to the support at 1.73500.
