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GBP/CAD Potential Downward Movement

GBP/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.53000, 1.55558, 1.57145.

Key Support Levels: 1.51501, 1.49090, 1.47385.

Daily Time Frame:

The price failed to continue its move to the upside above the 1.5300 mark. The sellers are about to take control and might push the price back to the downside by leaving a fake breakout above the mentioned resistance.

NZD/CAD Medium-Term Trend: Bearish

4-Hr Time Frame:

On the lower time frame, the market is in a clear downtrend where lower highs and lows have been posted. The market now is at the end of a correction formation where a new bearish impulsive wave is expected after it which could lead to a move lower toward the mentioned target profits.

Sell Limit Order @ 1.52368

Target Profit 1 @ 1.51816

Target Profit 2 @ 1.49409

Stop Loss @ 1.52913

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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