GBP/CAD Continues To Rise Inside Daily Ascending Triangle


GBP/CAD 1 Day Chart

GBP/CAD 1 Day Chart

continues to rise inside the daily Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the slow Initial Trend (3 bars), lower Uniformity (2 bars) and significant Clarity (7 bars). GBP/CAD is expected to rise further inside this Ascending Triangle – in line with the earlier breakout of key resistance area shown below.

GBP/CAD 41 Candles

GBP/CAD 41 Candles

As can be seen from the daily GBP/CAD below, the pair previously broke the key resistance area lying between the resistance level 1.7250 (which has been reversing the price from the start of February) and the 50% Fibonacci correction of the previous downward impulse 1. This price area is acting as strong support area after it was broken. The proximity of this support area increases the probability daily GBP/CAD will continue rise inside this Ascending Triangle.

Disclaimer: THE RISK OF LOSS WHEN INVESTING IN SPOT FOREIGN EXCHANGE MARKET CAN BE SUBSTANTIAL: YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH INVESTMENT IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THIS KIND OF INVESTMENT INVOLVES SUBSTANTIAL RISK AND IS NOT FOR ALL INVESTORS. INVESTMENT IN THE CURRENCY EXCHANGE IS HIGHLY SPECULATIVE AND SHOULD ONLY BE DONE WITH RISK CAPITAL. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN FOREIGN EXCHANGE TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. THIS BRIEF STATEMENT CANNOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE FOREIGN EXCHANGE MARKETS. THEREFORE, YOU SHOULD CAREFULLY REVIEW THE DISCLOSURES CONTAINED IN BOTH THE MARKET MAKER’S TRADING AGREEMENT AND THE INTRODUCING BROKER’S LIMITED POWER OF ATTORNEY (LPOA) TO DETERMINE WHETHER SUCH INVESTMENT IS APPROPRIATE FOR YOU IN LIGHT OF YOUR PARTICULAR FINANCIAL CONDITION.





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