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GBPCAD trade ideas

GBP/CAD potential bearish dropPrice is rising towards the resistance level which is a pullback resistance that aligns with the 38.2% Fibonacci retracement and could reverse from this level to our take profit. Entry: 1.70212 Why we like it: There is a pullback resistance level which aligns with the 38.2% Fibonacci retracement. Stop loss: 1.71034 Why we like it: There is a pullback resistance which aligns with the 61.8% Fibonacci retracement. Take profit: 1.69000 Why we like it: There is a pullback support Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Short
by VantageMarkets
GBPCAD : DROP- The market has been trading above a bullish trendline since October 2023 ; The long-term trend was therefor bullish. - At the end of March 2024, the market registered a bearish break-out of its long-term trendline, invalidating the bullish trend. This situation took place as prices failed to register a new market high above 1.7342, before registering a new market low below 1.7026. The RSI confirms the fact that sellers are in control as the indicator now evolves at the doors of the oversold zone. The DMI indicators also demonstrates a surge in bearish pressure. - The market is clearly in a corrective phase. With that being said, it is hard to assess the magnitude of that correction. The 1.6850 level (50% Fibonacci) should be seen as a major support area, but the scenario of an extended correction towards 1.6740 and 1.6575 should not be totally excluded. Pierre Veyret, Technical Analyst at ActivTrades The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Short
by ActivTrades
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