Trade of the Day: GBP/CAD
By: Dima Chernovolov
GBP/CAD recently broke the 30-minute Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which is the result of the medium Initial Trend (5 bars), above-average Uniformity (6 bars). GBP/CAD is expected to rise toward the forecast price 1.7000.
As can be seen from the daily GBP/CAD chart below – the price earlier reversed up from the powerful support zone lying between the long-term support level 1.6865 (which stopped the sharp downtrend in May) and the lower daily Bollinger Band. The proximity of this support zone increases the probability GBP/CAD will continue to rise toward the forecast price 1.7000.