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GBP/CAD Potential Upward Movement

GBP/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.7608, 1.7794, 1.8055

Key Support Levels: 1.7434, 1.7307, 1.7197

Daily Chart:

The price on the higher time frame is trading inside a bearish channel pattern. Yesterday, the price managed to break this formation to the upside by posting a huge bullish candlestick signaling that the buyers are in control. A lower correction might be seen before moving upward again.

GBP/CAD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, we can notice that the price formed a double bottom formation at the lower end of the channel signaling a potential reversal. After breaking the 1.7434 USD mark, we might see a slight dip to this level and then move upward toward the 1.7586 USD level.

Signal Idea:

Buy Limit Order @ 1.7446

TP 1 @ 1.7586

TP 2 @ 1.7794

Stop Loss @ 1.7377

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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