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GBP/CAD Hits New 10-Month Low

Published 03/18/2016, 07:20 AM
Updated 03/09/2019, 08:30 AM

GBP/CAD

Since the beginning of the March GBP/CAD moved up in correction. Rebound wasn't very strong because upward movement didn't reach even to Fibonacci 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 GBP/CAD will test support at 1.8140 level.

GBP/CAD Daily Chart

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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