GBPCAD - Medium Term Sell

Medium term sell.

The momentum suggests positive movement for CAD in the medium to long term and positive gains in the short term for GBP. The short term gains are expected to be lost moving into the medium term.

We are short in the medium to long term for GBPCAD as we anticipate strength in the Canadian Dollar moving into the medium term entry. Canadian Dollar strength is based on the coming economic activity data from black friday which has seen an uptick retail online sales.

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Disclaimer: Conduct your own due diligence before executing any trades. The suggested trades do not constitute as financial advice and we do not take liability for any loses incurred.
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Comment:

"with the pair at a significant level of resistance, a more hawkish 50 bps hike favors a short-term consolidation or pullback. The 25 bps outcome however, could see another attempt to trade above the 78.6% Fib level" ~ Richard Shaw.

We still remain short on this pair. However, we remain cautious with our entry as we expect there to be some resistance from the institutional traders. Leave some wiggle room before entering.

Order cancelled