Looking at GBP/CAD price has broken to the upside with a break of the daily trend line with a bullish engulfing which means a lot of bulls have entered the market. Price stalled at resistance at 1.67400 before breaking to the downside.
I Expect price to retrace to support at 1.6300 before completing an ABCD Fib pattern. Price has also broken market structure by creating a higher low and price is currently riding above the 50 EMA therefore I am only looking for Longs on this pair.
I Expect price to retrace to support at 1.6300 before completing an ABCD Fib pattern. Price has also broken market structure by creating a higher low and price is currently riding above the 50 EMA therefore I am only looking for Longs on this pair.