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GBPCAD: Future Direction Hinges on 1.6930
Yesterday I wrote about a potential selling opportunity on EURCAD following a daily close below 1.4950. It’s no coincidence that the pair is bouncing today after closing above 1.4950 yesterday. Another Canadian dollar cross that could set up for us over the coming sessions is GBPCAD. Just like EURCAD, the GBPCAD is resting on a critical support level. Here’s how things look from the weekly time frame: Notice the massive ascending channel following the decline that commenced in late 2015. That makes this a continuation pattern. At least that’s how I’m approaching it. Also note how GBPCAD has struggled to ... (full story)