The market is approaching the main resistance at 1.72760. The price has broken through the downward channel. FX:GBPCAD is moving sideways below the resistance zone. I think the price is going to take liquidity above the potential range zone and then move down because, if you look at the daily timeframe, the market has been pushed down multiple times from this level. I expect the price to form some rejection candles as confirmation and short the market. My goal is to support level 1.71800
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
The identified support zone looks solid as the price has been rejected multiple times before the breakout occurred. I suspect the price is above the Ichimoku cloud, which is a good sign of bullish momentum coming to the market. Nice analysis. Let's see what happens. I'll keep an eye on it.