GBP/CAD is trading in the red at 1.7403 level and it could decrease a little before resuming its rebound. The price continues to move sideways trying to accumulate more bullish energy.
The Pound is fighting hard to recover after yesterday’s massive drop. On the other hand, the Canadian Dollar seems vulnerable versus some of its rivals. It remains to see how the pair will react after the Canadian data.
The Ivey PMI is expected to increase from 60.0 to 62.0 points, while the Trade Balance could fall to 1.3B. FOMC Meeting Minutes could shake the markets tonight and could bring volatility on this pair as well.
GBP/CAD H4 Analysis!
GBP/CAD stands below 1.7435 critical static resistance. A valid breakout above this level and through R (1.7454) could attract more buyers. Passing above the immediate high may validate more gains.
The pressure remains high around 1.7435, that’s why we need confirmation. Technically, GBPCAD moves sideways after escaping from the down channel. A new higher high could activate the bullish reversal.
Conclusion!
Breaking out from the down channel signaled an upside reversal. Still, this scenario could be validated by a new higher high.
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