The sterling and the Canadian dollar are lately oscillating within a bullish formation between the range of 1.6570 and 1.6800 respectively.

Lately, the buyers have placed strong pressures in their attempts of taking control over the price, and managed to force the pair close to the 1.6835 area.

Probable Scenario

In the scenario where the GBPCAD resumes above the 1.6835 area, the price could escalate as high as 1.7001, Fibonacci’s 161.8%.

The Stochastic oscillator indicates that the pair has greater chances of appreciating to upper levels at the 70 zone.

gbpcad-nov-24-2016

Alternative Scenario

Alternatively, should the sellers take the lead and force the price below the 1.6732 area, the pair could decline as low as 1.6570.

Today’s Major Announcements

  • There are no any releases either on the sterling or the Canadian dollar

Synopsis

·         Probable trend (Bullish): 1.6835

·         Bullish take profit target: 1.7001

·         Stop loss target: 1.6732

·         Alternative trend (Bearish): 1.6732

·         Bearish take profit target: 1.6570