Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
GBP/CAD reversed from support zone
2021-11-11 • Updated
- GBP/CAD reversed from support zone
- Next buy target - 1.6900
GBP/CAD continues to rise following the earlier upward reversal from the support zone lying between the key support level 1.6550 (former strong resistance level from January) and the 50% Fibonacci correction of the strong sharp upward impulse wave (iii) from the middle of March. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line.
GBP/CAD is expected to rise to the next buy target at the resistance level 1.6900 (which stopped the previous minor impulse wave (iii) at the end of March).
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