Forex GBP/CAD D1 Technical Analysis | Our expectations:
Short trend and medium-term correction. The price reached the upper borderline of the trend channel. This allows an aggressive entry with a close stop and a good risk/reward ratio.
Indicators:
Correction to 50% Fibonacci on the last short.
50SMA below 200SMA Short Trend Verification
Stochastic in an over bought territory, turning below 0.8 will give a confirmation signal for short movement.
SL: 1.724 above the top of the channel.
Alternative scenario: Break above 1,724 will lead the price for breakthrough the channel
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