Hello Traders,
let’s hit the charts…
1. GBP/CAD
GBP/CAD on the daily chart hit a key resistance level (1.66890) on Thursday, giving off a bearish pin-bar.
On the 4 hours chart, we can see that price formed a beautiful ascending channel and presently we can see price is struggling around support level 1.64824.
I am bearish biased on this one, however, we need to get a bearish confirmation before engaging the pair.If we get a decent bearish confirmation, our next possible support level would be 1.63315.
We should also note that this pair has a slight possibility of bouncing off the present support level and continuing another bullish run to the next possible resistance level (1.66890)
So, caution should be applied here and a decent money management technique.
Alright ladies and gentlemen, we are done with our today’s analysis, however, you may want to check out our weekly analysis which we did yesterday. It’s packed full with price analysis of four different pairs and a metal which are still very much viable.
See you again tomorrow.
