GBP/CAD continues to fall after recently reversing down from the upper resistance trendline of the 4-hour Up Channel identified by Autochartist – as can be seen from the following trade opportunity alert that I received today. The pair is expected to fall toward the target level 1.5882 in the next 3 trading days. The stop-level for this forecast is set at 1.6260 (point B, the top of this Up Channel). This point formed recently – when the pair reversed sharply down with the daily Japanese Candlestick reversal pattern – the Evening Doji Star – from the resistance area close to the major long-term resistance level 1.6200 (which had previously reversed the pair strongly down at the start of this year, as you can see on the next chart below).
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The following daily GBP/CAD chart shows the previous price action close to the resistance at 1.6200:
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