Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CAD targeting lower levels
2019-11-11 • Updated
It seems the GBP/CAD looks forward to resume the bearish bias in the short-term, as it has been correcting the cycle started from May 18th and now, we can expect another leg higher to re-test the Fibonacci level of 50% at 1.7255. Around that area, a pullback could happen in order to go towards the -23.6% Fibo zone at 1.7054. To the upside, a breakout above the 200 SMA should expose the highs from May 18th.
RSI indicator remains in the negative territory, favoring to the bears.
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
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