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GBPCAD Short Term Elliott Wave: More Downside Favored

Short Term Elliott Wave cycles suggests that rally to 1.712 ended wave ((X)). Decline from there is unfolding as a double three where wave ((w)) ended at 1.668 and wave ((x)) ended at 1.684. Pair has since resumed lower by breaking below 1.668, showing 5 swing sequence from 11/11 peak and favoring more downside. Near term, while bounces stay below 1.684, expect more downside in the pair towards as low as 1.63 - 1.64 area. We don't like buying the pair.

GBP/CAD Short-Term Elliott Wave Analysis Chart
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