GBP/CAD Price Analysis: A bounce cannot be ruled out amid oversold RSI

Bear pennant breakdown on 1H eyes sub-1.69 levels.
A temporary bounce cannot be ruled out amid oversold RSI.
Upbeat UK jobs to offer support as it trades below major HMAs.

Dhwani Mehta FXStreet

GBP/CAD holds the lower ground near 1.6950 in early Europe, having stalled the declines after the UK jobs data bettered expectations.

From a technical perspective, the bears seem to face exhaustion as the hourly Relative Strength Index (RSI) has entered the oversold territory.

The price charted a bearish pennant breakdown on the hourly chart earlier in the Asian session, following a break below the trendline support at 1.6994.

The downside target awaits at 1.6900, below which the pattern target of 1.6848 remains on the sellers’ radars.

However, a minor pullback cannot be ruled out amid oversold RSI and therefore, the price could head back towards the previous trendline support now resistance just below the 1.70 level.

Overall, the bias remains to the downside.

GBP/CAD: Hourly chart

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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