Technical outlook: GBPCAD bearish scenario:
📢📢📢Technical outlook:
GBPCAD bearish scenario:
In this pair we have technical figure Triangle. The Triangle has broken through the support line at 27/11/2020. Forming a bearish formation on a 4 hours chart. If price holds below this level we will have possible bearish price movement with forecast for the next day with target 1.71947. Our stop loss order should be placed at 1.7406 if we decide to enter this position.
Fundamentals:
- GBP/CAD Exchange Rate Falls as Covid-19 Tier System Reintroduced for December.
- Brexit uncertainty continues to drag down the GBP/CAD exchange rate, with SMMT warning that car production in the UK could fall significantly in the event of a no-deal.
GBPCAD bearish scenario:
In this pair we have technical figure Triangle. The Triangle has broken through the support line at 27/11/2020. Forming a bearish formation on a 4 hours chart. If price holds below this level we will have possible bearish price movement with forecast for the next day with target 1.71947. Our stop loss order should be placed at 1.7406 if we decide to enter this position.
Fundamentals:
- GBP/CAD Exchange Rate Falls as Covid-19 Tier System Reintroduced for December.
- Brexit uncertainty continues to drag down the GBP/CAD exchange rate, with SMMT warning that car production in the UK could fall significantly in the event of a no-deal.