GBP/CAD Trading Analysis (05/02/2024)

The downward wave structures are truncated. The support level of 1.6976 curbs the buyers. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.

Trading idea:

Buy when the formation of the ascending wave structure begins, when the wave A breaches the level of 1.70160 (pivot 2 of the wave С).

Stop-Loss at 1.69760.

Target price levels at 1.70780 and 1.72090.

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