GBPCAD on multi timeframe analysis:
Monthly frame: we see the pair testing a strong resistance, closing below it is taken as bearish.
Shorter frame: on 6hrs, we see a rising wedge pattern broken and price currently is trading below it. While we can short here and now we prefer waiting March closure. Another reason of shorting this pair is the likelihood CAD pairs to gain some strength in the upcoming period due to the increase of Oil prices.
If you will short market, SL will be closing above 1.69010.
All the best family!
Monthly frame: we see the pair testing a strong resistance, closing below it is taken as bearish.
Shorter frame: on 6hrs, we see a rising wedge pattern broken and price currently is trading below it. While we can short here and now we prefer waiting March closure. Another reason of shorting this pair is the likelihood CAD pairs to gain some strength in the upcoming period due to the increase of Oil prices.
If you will short market, SL will be closing above 1.69010.
All the best family!