GBP/CAD | Potential Downward Movement 🔨🔨🔨
Technical Analysis:
The price on the daily time frame is posting lower lows and highs which shows that we are in a downtrend. Lately, the pair posted a correction count toward the daily resistance. By looking on the lower time frame we can see that this correction has a form of bearish flag formation that coincide with a 50% Fibonacci retracement level. This could cause a move downward toward the 1.7310 USD mark.
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Trade Idea:
Sell Limit Order @ 1.7432
Take Profit @1.7310
Stop Loss @ 1.7493
Trade Safely 🙂
The price on the daily time frame is posting lower lows and highs which shows that we are in a downtrend. Lately, the pair posted a correction count toward the daily resistance. By looking on the lower time frame we can see that this correction has a form of bearish flag formation that coincide with a 50% Fibonacci retracement level. This could cause a move downward toward the 1.7310 USD mark.
-------------------------------------------------------------------------------------
Trade Idea:
Sell Limit Order @ 1.7432
Take Profit @1.7310
Stop Loss @ 1.7493
Trade Safely 🙂
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