GBP/CAD chart - Trading View
GBP/CAD was trading 0.36% lower on the day at 1.7040 at around 13:45 GMT.
The pair is extending weakness for the 3rd consecutive session, outlook remains bearish.
Price action has failed to hold break above 200-week MA and has slipped lower.
Gravestone doji formation on the weekly charts weighs on the pair, raising scope for further downside.
Analysis of the GMMA indicator shows major and minor trend have turned bearish on the daily charts.
Volatility is high and rising and that combined with bearish momentum is likely to drag prices lower.
The pair has failed at 200-DMA resistance and has slipped below daily cloud. Scope for dip till major trendline support at 1.6885.
Breach below 1.6885 (trendline support) will open downside. Bearish invalidation only above 200-DMA.
