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GBP/CAD Potential Downward Movement

GBP/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.7123, 1.7159, 1.7200

Key Support Levels: 1.7010, 1.6905, 1.6809

Daily Chart:

The price on the daily time frame is in a clear downtrend where it is posting lower lows and highs. The pair posted a correction count to the daily resistance near the 1.7123 USD mark. We are expecting further movement to the downside after the correction.

GBP/CAD Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hour time frame the price is trading inside a parallel channel where it retraced to the downside once it reached the higher end of this pattern. We expect that the price will tumble further and move toward our target profit.

Signal Idea:

Sell Market Order @ 1.7057

TP 1 @ 1.7020

TP 2 @ 1.7010

Stop Loss @ 1.7075

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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