GBP/CAD today broke down through the support trendline of the daily Triangle chart pattern identified by Autochartist.
The overall Quality of this Triangle is rated at the 5 bar level which reflects low Initial Trend (2 bars), substantial Uniformity (measured at the 8 bar level) and significant Clarity (6 bars). High Uniformity of this chart pattern indicates even placement of the price reversals used by Autochartist to draw the upper and the lower trendlines of this Triangle. The completion of this chart pattern follows the strong downtrend visible on the weekly GBP/CAD charts.
GBP/CAD is expected to decline further toward the Forecast Price 1.5695, as can also be seen from the following PowerStats analysis.
As you can see from the PowerStats chart for GBP/CAD below, all of the daily Expected Price Range (1.5850 to 1.5726) is located below the support trendline of the above broken Triangle – which increases the probability that GBP/CAD will decline further.