GBPCAD currency pair falling strongly today inside the short-term correction (ii), which started previously when the pair reversed down from the strong resistance zone located between the powerful multi-month resistance level 1.7570 (which has been repeatedly reversing this currency pair from the start of March, as you can see from the daily GBPCAD chart below) and the upper daily Bollinger Band.
The active short-term correction (ii) belongs to the higher-order upward impulse waves (iii) and 3 of the multi-month upward impulse sequence (C) from the start of May.
When we examine todays currency sentiment profile of the FX market we can see that the GBPCAD currency pair is currently being driven down by the falling sterling sentiment as well as the moderately bullish Canadian dollar sentiment. This makes it more likely that the pair will test the next support level at 1.7400 (former multi-day resistance level which reversed GBPCAD multiple times in August).
Leave a Reply