Trade of the Day: GBP/CAD

By: Dima Chernovolov

GBP/CAD continues to rise after breaking the hourly Triangle chart pattern, which was previously identified by Autochartist. This pattern can be found in the Our Favorites table of the Autochartist dashboard. Autochartist rates the expected probability the price will reach the forecast price 1.7382 – at the 65% level.

As can be seen from the daily GBP/CAD chart below – the pair earlier reversed up from the support area located between the long-term support level 1.7200 (former resistance level from June) and the 50% Fibonacci correction of the upward impulse from May. The proximity of this support zone adds to the probability GBP/CAD will continue to rise toward the forecast price 1.7382.