GBP/CAD has met the weekly demand area and bulls are looking to engage. A daily 38.2% Fibonacci retracement is on the cards. As per the prior analysis, GBP/CAD Price Analysis: Bears take back control and target weekly demand area, the price has indeed deteriorated deeper into weekly demand. Prior analysis Prior, 4-hour chart The price is now below the 21-SMA and Momentum is bearish also. Bears will be looking for a correction of the spike lower for a discount in targetting a break of support structure on the next bearish impulse for a lower low. This would be in a confluence of the longer-term chart’s bearish market structure and broader bear trend. Weekly bearish trend 1-hour chart The price is retreating towards old support that would be expected to act as resistance. There is also a confluence with a 50% mean reversion. Live markets Weekly chart As illustrated, the price has moved deeper into demand territory and was a set-up on the lower time frames. 4-hour chart Besides a manipulation to the upside, where anyway a well-placed stop loss above structure would have been in the clear, the price acted according to the prior analysis. 1-hour chart The manipulation is easier seen on the lower time frames, but stops higher up were above structure and protected. The price has subsequently melted into the weekly demand zone. What now? The daily chart offers prospects of a significant 38.2% Fibonacci retracement to prior lows before the market can extend further to the downside. Daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Vulnerable to further downside below 1.3700 FX Street 2 years GBP/CAD has met the weekly demand area and bulls are looking to engage. A daily 38.2% Fibonacci retracement is on the cards. As per the prior analysis, GBP/CAD Price Analysis: Bears take back control and target weekly demand area, the price has indeed deteriorated deeper into weekly demand. Prior analysis Prior, 4-hour chart The price is now below the 21-SMA and Momentum is bearish also. Bears will be looking for a correction of the spike lower for a discount in targetting a break of support structure on the next bearish impulse for a lower low. This would be… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.