Daily Forex Update: GBP/CAD

Published 02/24/2012, 02:41 AM
Updated 03/09/2019, 08:30 AM

GBP/CAD continues to fall inside the Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial Trend (rated at the 3 bar level) and significant Uniformity and Clarity (both rated at the 7 bar level). Stronger Uniformity and Clarity of this Triangle reflect the well formed chart pattern of higher visibility to the market participants. This Triangle continues the long-term predominant downtrend visible on the daily and the weekly GBP/CAD charts. The pair is expected to fall further in the nearest time.

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As you can see from the PowerStats chart below, all of the daily Expected Price Range for GBP/CAD for tomorrow (from 1.5770 to 1.5594) stands below the projected value of the upper resistance trendline of the above Triangle, which heightens the likelihood that this currency pair will continue to decline tomorrow.

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