Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
GBP/CAD: a bearish pattern
Information is not investment advice
GBP/CAD met the resistance of the 50-month MA in the 1.7765 area. On W1, the pair formed a bearish “dark cloud cover” pattern at the 200-week MA. The pound turned down from this line for the second time this year. This means that there’s significant selling pressure around 1.7670. The decline below the 38.2% Fibo from the 2018-2019 advance at 1.7340 will open the way down to 50% retracement at 1.7200. Resistance is at 1.7520, 1.7670, and 1.78.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
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US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19