GBP/CAD Technical Outlook & Daily Chart
After breaking the channel, we are still looking forward new highs, despite the downward movement this month.
In our previous report about the GBP/CAD pair last month we mentioned the channel breaking and recommended buying the pair after the break. We saw the prices rose last month but they haven't hit our target yet. This month the pair has been declining to reach down the moving average for the last 50 days around 1.6367 - it found a support level there.
The Next Few Days
The plan from here is straightforward. In case of any downward movement we will buy the pair to our main target at 50% - we can take a buy position now around 1.6500 and close part of the trade at 1.5710, and the rest of orders at 1.6850. That is in case the pair is still trading above 1.6223.
https://superforex.com/additionalimages/10-10-2017/gbp-cad-technical-outlook-daily-chart-101017-0.jpg
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