PIAFirst
Short

Correlation highlights limited GBPCAD upside

FX:GBPCAD   British Pound / Canadian Dollar
Looking away from the majors today and to a solid set-up in GBPCAD . This cross not only offers a sound technical outlook in its ‘own rights’ but also lines up with the correlated view ( GBPUSD bearish USDCAD bullishGBPCAD BEARISH )

Monthly: The long-term bias remains bullish . With the 50% pullback level at 1.8088 (from 2.0970-1.5205) lining up with the Ichimoku cloud , this is the obvious upside target (barrier). With last month’s Marabuzo level located at 1.7200, and bespoke support at 1.7180, we look for limited downside.

Weekly: The most important factor in this timeframe is that the current trading zone has been pivotal from Q3/Q4 2014 and Q3 2016.

Intraday (four-hours) – The most important timeframe in this counter trend forecast. Looks to be forming a bearish Head and Shoulders pattern. We have posted a DeMark 13 on the daily chart . Bespoke resistance is located at 1.7568. As long as we fail to post a weekly close above this important resistance, the outlook is negative.
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