GBP/CAD Slowing Down

GBP/CAD's price over the last week has not shown any real momentum. Market participants were watching for price to show the potential of a retracement to the 1.70400 support turned resistance for a new lower high point and a shorting opportunity.

Over the last week price has pretty much ranged sideways with the candles being side by side. We are still watching this pair for price to reach the 1.70400 area for a rejection. If we see a rejection from this area it would also align with the 20EMA and the 200EMA.

We have recently seen the 20EMA cross over to the downside of the 200EMA with the 50EMA also being very close. If price does not make it as far as the 1.70400 resistance and shows a break of the current 1.66666 support, then a retest of the 1.66666 area would also warrant a shorting opportunity. This is a pair that is worth keeping a close eye on over the week.