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GBP/CAD Potential Upward Movement

GBP/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.75627, 1.76274, 1.77000.

Key Support Levels: 1.75006, 1.74357, 1.74000.

Daily Chart:

The price on the higher time frame failed to break and close the strong daily support around the 1.74357 CAD mark where we can see bars with long wicks to the downside and near the 50% Fibonacci retracement level. A move to the upside has been seen, and further upward movement is expected.

GBP/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the coin succeeded to break the wedge pattern to the downside with the help of the sellers found around the 61.80 % Fibonacci retracement level. a higher correction could be seen to the previous resistance level before a new wave to the downside toward the target profit.

Signal Idea:

Buy Limit Order @ 1.75017

TP 1 @ 1.75596

TP 2 @ 1.76274

Stop Loss @ 1.74800

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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