Trade of the Day: GBP/CAD
By: Dima Chernovolov
GBP/CAD continues to rise inside the 4-hour Triangle chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the medium Initial Trend (5 bars), significant Uniformity (8 bars) and low clarity (1 bar). GBP/CAD is expected to rise further inside this Triangle.
As can be seen from the daily GBP/CAD chart below – the pair earlier reversed up from the support area located between the key support level 1.7325 (previous resistance from June) and the 38,2% Fibonacci correction of the sharp upward impulse from the start of July. The proximity of this support zone adds to the probability GBP/CAD will continue rise inside this Triangle.