The GBP/CAD trade cited in yesterday’s scalp report encountered strong resistance at the convergence of the upper bound trendline of the wedge formation and the 76.4% Fibonacci extension taken from the January 1st and April 1st troughs at 1.6110. The scalp proceeds as planned here with downside targets eyed at the 50% extension at 1.5950 and 1.5920. A break here sees subsequent floors at 1.5890 and 1.5875. Stops held above 1.6010 resistance level (former support).
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