GBP/CAD chart - Trading View
GBP/CAD was trading rangebound on the day at 1.7114 at around 06:35 GMT, with session high at 1.7132 and low at 1.7103.
The pair has paused downside at major support at 200W MA at 1.7091, break below required for further weakness.
Technical indicators are biased lower. Momentum studies are strongly bearish. MACD and ADX support downside in the pair.
Price action has confirmed breach of Symmetric Triangle pattern which reinforces downside in the pair.
Analysis of GMMA indicator shows major and minor trend are bearish. Volatility is high and bearish momentum is likely to drag prices lower.
The pair has slipped below 61.8% Fib and is on track to test 76.4% Fib at 1.7032. Failure to break below 200W MA will negate any bearish bias.
