- GBP/CAD is aligned for a bullish continuation on the daily chart.
- In the immediate term, there are prospects to test 1.7280 first.
GBP/CAD is offering prospects of a near term day trade to the downside on a break of hourly support prior to a high probability of a bullish continuation on the longer-term charts.
The following top-down analysis illustrates the possibilities based on current price action and market structure.
While there are still prospects of a deeper test of the demand area to 1.7280, the prior bullish impulse printed a fresh closing high and the subsequent correction is decelerating.
This raises prospects of a continuation for a daily higher-high in the coming days.
Bulls can be on the lookout for an optimal entry from a bullish structure.
The 4-hour chart shows that the price would need to at least close above 1.7390 before a set-up could be established above resistance that would be then expected to turn new support.
Meanwhile, from an hourly perspective, there are prospects of a short taken on a break of current hourly support of 1.7320 to target deeper into demand territory in the low 1.7280s.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.