GBP/CAD is unfolding a down leg within a rising channel. It will probably continue lower to at least the blue 100-day Simple Moving Average (SMA) at 1.7641.
GBP/CAD is undergoing a sharp decline within a rising channel. It is likely to continue lower as the counter-trend reaction runs its course. GBP/CAD is unfolding a down leg within a rising channel. It will probably continue lower to at least the blue 100-day Simple Moving Average at 1.7641. The pair is in a short-term downtrend, and given the principle that “the trend is your friend,” the odds favor a continuation of that trend. GBP/CAD Daily Chart Subsequent downside targets lie at 1.
GBP/CAD is in an uptrend on the medium and long-term timeframes, as it oscillates higher within an ascending channel. There is a risk, therefore, of a reversal higher occurring unless the current sell-off marks the beginning of a deeper downtrend. This is possible, given its steepness. The Moving Average Divergence Convergence has crossed below its signal line, providing added evidence that prices are going to push lower.
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