GBPCAD Analysis January 2021

Analysis 02-January-2020

CMP: 1.7397; Res: 1.7497; Sup: 1.6943

If you notice GBPCAD from the bigger picture, it is trading in range between 1.5690-1.8425 from 2017.
From March 2020 to till now, it is trading in a range between 1.6540-1.7801.
As per my view, this is in a triangle and expect a break for new lows.

As of now res is at 1.7497 and support is at 1.6943.

Primary Scenario: Bearish

As long as 1.7497, we can expect deep fall towards 1.7, 1.61.
STOP LOSS: 1.7497
TP1: 1.6943
TP2: 1.6158
TP3: 1.5691

Key Levels/targets: 1.6943, 1.6563, 1.6428, 1.6158, 1.5986, 1.5691.

Alternate Scenario: Bullish

If 1.7255/1.7047 supports and a break of 1.7497, we can see more upside towards 1.7616-1.7750, 1.7967-1.8050...