{"id":5283,"date":"2021-03-19T08:08:00","date_gmt":"2021-03-19T08:08:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=5283"},"modified":"2021-03-19T16:28:38","modified_gmt":"2021-03-19T16:28:38","slug":"gbpcad-technical-analysis-1-7000-bearish-target","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gbpcad-technical-analysis-1-7000-bearish-target\/","title":{"rendered":"GBPCAD Technical Analysis &#8211; 1.7000 bearish target"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5283\" class=\"elementor elementor-5283\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-132d58b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"132d58b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-292c18d\" data-id=\"292c18d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-84f9457 elementor-widget elementor-widget-text-editor\" data-id=\"84f9457\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The British pound currency remains under pressure against the Canadian dollar as the early year upside move in the pair continues to unravel. Yesterday\u2019s dovish Bank of England also provided more reasons to be bearish towards the British pound in the short-term.<\/p><p>Worryingly the British pound also took a hit against other major currencies after the BoE policy statement, such as the <a href=\"http:\/\/bit.ly\/2Lg9zs6\" target=\"_blank\" rel=\"noopener\">euro<\/a> and <a href=\"https:\/\/bit.ly\/3bHvAgG\" target=\"_blank\" rel=\"noopener\">Swiss franc<\/a>, which has been underperforming the Canadian dollar recently.<\/p><p>Therefore, a strong currency like the Canadian dollar could be traders preferred currency of choice to buy against the British pound. In currency trading, playing strength against weakness is fundamental.<\/p><p>Traders and investors are starting to pay close attention to global central banks for hints about a possible tightening of fiscal policy. Surprisingly, only the Bank of Japan have added flexibility in their approach since the pandemic.<\/p><p>Central banks such as the Bank of Canada are currently resolute in their approach to adding support from monetary stimulus, however, a change in language could be forthcoming if the jobs market continues to run hot.<\/p><p>On the other side of the pond, the United Kingdom economy still has a lot more uncertainty surrounding it. Traders and investors will also be acutely aware that Canada has support from the <a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\" rel=\"noopener\">oil<\/a> industry, and benefits from strength in the US economy.<\/p><p>The Bank of England sounded decided bearish yesterday as they noted \u201cThe outlook for the economy, and particularly the relative movement in demand and supply during the recovery from the pandemic, remains unusually uncertain. It continues to depend on the evolution of the pandemic, measures taken to protect public health, and how households, businesses and financial markets respond to these developments.\u201d<\/p><p>Touching upon stimulus and inflation the central bank added \u201cThe MPC will continue to monitor the situation closely. If the outlook for inflation weakens, the Committee stands ready to take whatever additional action is necessary to achieve its remit.\u201d<\/p><p>Market participants therefore have to consider that the <a href=\"https:\/\/bit.ly\/3nOwU6n\" target=\"_blank\" rel=\"noopener\">GBPCAD<\/a> pair is fundamentally challenged going into the next quarter, with the technicals pointing towards a possible decline towards the 1.7000 price zone.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ad3043 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ad3043\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7cf70e2\" data-id=\"7cf70e2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8335bbc elementor-widget elementor-widget-image\" data-id=\"8335bbc\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3nOwU6n\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"298\" height=\"101\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GBPCAD-CHART.png\" class=\"attachment-large size-large wp-image-5286\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-81e563b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"81e563b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e4221a3\" data-id=\"e4221a3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73a37a2 elementor-widget elementor-widget-text-editor\" data-id=\"73a37a2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>According to the ActivTrader Market Sentiment tool some 77 percent of traders are bullish towards the GBCAD pair. Traders remains on the wrong side of the market at the moment, It is worth noting that trading extreme sentiment has proven to be wise, and that such a one-way sentiment skew probably means more short-term losses for this pair.<\/p><p><strong>GBPCAD Short-term Technical Analysis<\/strong><\/p><p>Looking at the four-hour time frame a bearish head and shoulders pattern is currently in play and is pointing towards an eventual drop towards the 1.7000 support zone.<\/p><p>Traders should note that a bearish breakout remains in play while the price trades below the 1.7470 level. According to the Ichimoku indicator on the mentioned time frame the GBPCAD pair will have cleared all forms of short-term support once the 1.7300 support level is breached.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e633936 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e633936\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-068639b\" data-id=\"068639b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1eb6a3f elementor-widget elementor-widget-image\" data-id=\"1eb6a3f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3nOwU6n\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"346\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GBPCAD-4H.png\" class=\"attachment-large size-large wp-image-5287\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-55ec784 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"55ec784\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b8742a\" data-id=\"5b8742a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d3eda3b elementor-widget elementor-widget-text-editor\" data-id=\"d3eda3b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3nOwU6n\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-be878b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be878b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0edb455\" data-id=\"0edb455\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b70d1d elementor-widget elementor-widget-text-editor\" data-id=\"5b70d1d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>GBPCAD Medium-term Technical Analysis<\/strong><\/p><p>According to the daily time frame the GBPCAD pair is trapped inside a large triangle pattern between the 1.7000 and 1.7880 levels. A major breakout should take place once the pair finally breaks from this large price range.<\/p><p>The GBPCAD pair has also been consolidating around its key 200-day moving average. Bulls have been defending this key area. The pair has managed to hold above its 200-day moving average since December last year.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-76a24b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"76a24b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-814a744\" data-id=\"814a744\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0b0ec5f elementor-widget elementor-widget-image\" data-id=\"0b0ec5f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3nOwU6n\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"343\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GBPCAD-1D.png\" class=\"attachment-large size-large wp-image-5288\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0ce75b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0ce75b2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3a4cc7a\" data-id=\"3a4cc7a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3a324e1 elementor-widget elementor-widget-text-editor\" data-id=\"3a324e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3nOwU6n\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The British pound currency remains under pressure against the Canadian dollar as the early year upside move in the pair continues to unravel. Yesterday\u2019s dovish Bank of England also provided more reasons to be bearish towards the British pound in the short-term. Worryingly the British pound also took a hit against other major currencies after [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,9],"tags":[221,56,80,64,24,136,301],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GBPCAD Technical Analysis - 1.7000 bearish target - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/gbpcad-technical-analysis-1-7000-bearish-target\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBPCAD Technical Analysis - 1.7000 bearish target\" \/>\n<meta property=\"og:description\" content=\"The British pound currency remains under pressure against the Canadian dollar as the early year upside move in the pair continues to unravel. Yesterday\u2019s dovish Bank of England also provided more reasons to be bearish towards the British pound in the short-term. Worryingly the British pound also took a hit against other major currencies after [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gbpcad-technical-analysis-1-7000-bearish-target\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-19T08:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-19T16:28:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/03\/GettyImages-1135633439.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"703\" \/>\n\t<meta property=\"og:image:height\" content=\"246\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/gbpcad-technical-analysis-1-7000-bearish-target\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/gbpcad-technical-analysis-1-7000-bearish-target\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"GBPCAD Technical Analysis &#8211; 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