Created
: 2024.10.10
2024.10.10 22:37
GBP/CAD looks like it has bottomed out and is once more rising within a broader rising channel.
The pair was falling in a down leg, however, it has probably reversed and started a new uptrend. Given the principle that "the trend is your friend" the odds favor more upside to come.
Although the pair broke below an important trendline ("Trendline A" on chart) on October 3. It quickly bottomed out and has since recovered. Now it has also broken back above the same trendline, reversing the short-term downtrend in the process.
The Moving Average Convergence Divergence (MACD) indicator is now above the zero line adding further bullish evidence to the chart.
GBP/CAD is further supported by the fact that it is in medium and longer-term uptrending cycles.
Created
: 2024.10.10
Last updated
: 2024.10.10
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