Flash: GBP/CAD trend change plays out – TD Securities

FXstreet.com (London) - Toronto FX research teams at TD Securities said that the weekly top/reversal signal (“evening doji star”) we have highlighted as a strong warning of an impending reversal in the cross remains in force. Adding, soft price action so far this week serves as confirming evidence that a trend change is playing out.

Also, they said the same for the break below weekly trend support. An extension of the push lower yesterday setting a new 4-week low completes a trifecta of negative, medium technical signals that will be hard to ignore. Initial retracement support is 95.80 but

given the extent of the rally seen over the past 6 months or so, which has been correction-free to a great extent a deeper drop (90-92.50) may be on the cards.