GBP/CAD Switched Target to 1.6724?

The Great Britain pound versus the Canadian dollar currency pair seems to have been taken over by the bears. Do the bulls have any chances left?

Long-term perspective
The appreciation that started from the double bottom market by the 1.6750 and 1.6769 lows, respectively, managed to climb until the 1.7674 peak.
In the process, the firm 1.7567 resistance level has been pierced, but as the price retraced soon afterward, the piercing was rendered as a false one.
As a result, a depreciation came about, reaching the 1.7216 low after failing to find support at the two 1.7445 and 1.7285 intermediate levels.
Nevertheless, from the 1.7216 low, the bulls succeed in regrouping and draw another appreciation on the chart. But their advancement ceased, 1.7567 coming within a hair’s breadth of being pierced before the bears engaged in a defensive position.
The outcome was yet another fall, which this time managed to pass under the 1.7216 low and the 1.7132 intermediary level.
In the current context, as long as the price resides under 1.7132, the possibility of a new slip is valid. It may come after a short-term consolidation pattern such as a pennant or flag, or after a failed bullish attempt to regain 1.7132. This makes 1.6988 and 1.6868 intermediary targets, while 1.6724 is the main one.
However, if the bulls do manage to conquer 1.7132, then 1.7285 is their first target — at least for the time being.

Short-term perspective
The growth that commenced at the 1.7216 low, following the validation of the firm 1.7244 support level, extended till the 1.7554 high.
From the high, the price sank under the 1.7489 intermediary level, thus noting a false piercing, while also starting a new depreciation.
The downward movement continued in a very cogent manner, traversing the 1.7244 level with ease and finding — at least for now — support at 1.7094.
If 1.7094 holds as support, then the bulls might try to reobtain 1.7244. But if they are unsuccessful in their attempt, then 1.6965 is the next target. Noteworthy is that 1.6965 is also the target in case of the current depreciation simply continues.

Levels to keep an eye on:

D1: 1.7132 1.6988 1.6868 1.6724 1.7285
H4: 1.7094 1.7244 1.6965

If you have any questions, comments, or opinions regarding the Technical Analysis, feel free to post them using the commentary form below.

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