Watching for GBPCAD to follow EURCAD
We saw a huge sell off when EURCAD broke it's uptrend last week so I'm watching GBPCAD to see if we get a similar flush. Price has been holding the trend now for several days with price barely able to escape and push higher, leading to further tightening.
Entry signal would be a non ambiguous break of the Daily trend with stop above high of day if possible.
Target is somewhere around the mid Nov break out as shown on the Daily TF, just over 100 pips away.
Daily SWAP is -1.58% so a multi day is possible, but I wouldn't want to go over 3.
Volatility around the CAD rate decision has the biggest downside effect on the idea if we get a break prior to the news. Not much we can do about this, if we get a sell signal before the release I still think it is worth taking.
Entry signal would be a non ambiguous break of the Daily trend with stop above high of day if possible.
Target is somewhere around the mid Nov break out as shown on the Daily TF, just over 100 pips away.
Daily SWAP is -1.58% so a multi day is possible, but I wouldn't want to go over 3.
Volatility around the CAD rate decision has the biggest downside effect on the idea if we get a break prior to the news. Not much we can do about this, if we get a sell signal before the release I still think it is worth taking.