We will be waiting to see how price reacts around the 4 hour 50EMA
If there is a rejection from here we will be watching the 1.4860 level to taking a sell position which would complete the right shoulder on the 4 hour time frame.
With ongoing weak sentiment for GBP breaking below 1.29 GBPUSD as a result of break down in Brexit negotiations, technicals breaking key levels to the downside helping to push this market lower.
On the CAD side the BOC hiked rates today 25bps to 1.75% from 1.5% as expected, but also featured hawkish comments in the statement saying "bringing rates to neutral" and...
As you can see in the trade, I've placed the trendline showing the current momentum which is a downtrend but however, it turns into sideways momentum.
Two double bottoms appear as well some strong upward move.
Hoping to take profit around the 1.75 area and stop loss is placed at 1.58338.
Just a noobie btw so I don't want no shtick from this but do however...