GBPCAD has Overextended to the downside, may see a pullback from the marked zone. Expecting a 80-100 pips move. The marked zone is highlighted as region of high volume cluster. May wait to see a good price action and a bullish divergence on MACD on 1hr timeframe. Take Proper Risk. Best of Luck!
GBPCAD is approaching a support zone. Along with that the 100D EMA at 1.7325 can also support the price.
Hence, traders can long for BUY at 1.7315-1.7345 with SL below 1.7265.
TPs can be set at 1.7400 and 1.7550 respectively.
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I've been disgustedly inactive due to hectic school schedules as well as slow internet connectivity. For that, I will be publishing my rationale on why I entered the following trade.
For the past days, I've been obsessed with Canadian Dollar pairs.
If this Forex pair does break the graphed line, it may possibly dip to the 1.59500 area.
Bullish Bat Pattern nearing Completion. Point D sits at the 61.8% retracement.
Volume is starting to decline as prices move downward indicating that bulls might enter at any moment.
Notice as well that right below the D point is Monthly and Weekly resistance (broken line) levels.
We also have RSI showing bullish convergence signal.