Since the beginning of the March GBPCAD moved up in correction. Rebound wasn’t very strong because upward movement didn’t reach even to Fibonnacci 38.2% level. Correction finished on Wednesday when new low occurred. Yesterday price reacted at support and 1.8680 level has been defended.

However right now it is very hard to see any bullish signal and it is more likely that new downtrend wave will occur and GBPCAD will test support at 1.8140 level.

Try FX GROW. Spread from 0.00001 also STP/ECN execution, full transparency. FxGrow launches new feature packed Website with technical analysis and economic calendar.

GBPCAD_D1

Leave us a comment!

Ransquawk