GBP/CAD technicals and trade setup

FX:GBPCAD   British Pound / Canadian Dollar
106 0 4
GBP/CAD bear-swing lingers in sideways after rejecting resistance, major downtrend remains intact – Boundary binaries for safe speculate:

The bearish pressure is observed in this pair after the current price goes below 7DMA, and then attempting to break support at 1.6605.

Prior to this, you could probably make out, as and when the pair approaches pivot levels of 1.7038 it either spikes or slides heavily, now more dips on cards as the rejection of resistance with confirmation from leading oscillators.

Compare this rejection with the major downtrend.

On both daily and monthly RSI oscillator, we see consistent convergence to the prices declines.

%D line crossover right from the overbought zone and its attempt of sustenance on slow stochastic has been a caution for aggressive bulls, we could foresee that there is still visible selling pressure.

Well, for this month, although you see rallies on the monthly graph, the major bear trend seems robust after breaking supports at 1.7976, upswings were restrained near 7EMA as anticipated.

Volumes formation has been shrinking on this month’s rallies but the same has been mammoth on declining trend.

To substantiate, MACD signals the major downtrend likely to prolong further.

Trading tips:

We reckon that the boundary binary option is safe bets for speculation of this pair as it is testing supports at 1.6604 levels.

A trader can use binary options with barriers at 1.6550 and 1.6750 to capitalize on this outlook.

Some traders view this type of speculation as being like a strangle shorting position since the trader stands to benefit on a calculated price movement up or down in both scenarios as long as underlying remains within the strikes.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out