GBPCAD is currently at the 5 months low resistance which functions as a neckline.
I have a h1 channel macd setup and should price plunge below yesterday low, it will signify the completion of a slanted hns and a completion of a flush of 4 weeks high.
Then it may be the start of a nice ride down.
The GBP/CAD has been stuck in a 400 pip range for most of 2014.
This morning, the pair reached its 200 Day Simple Moving Average (Daily Chart) which also happens to be the range low for the pair as well.
On ranging pairs, one of my favorite strategies is to buy at support on bullish divergence with the CCI oscillator. When inspecting this pair closely on a 3 hr...
GBPCAD consolidating within 1.7960-1.8660 since Feb 2014. It has bounce up from almost all FIB retracement levels, 38.2% 50% 61.8% 70.7% 78.6%. The only remaining FIB level not tested yet is the 88.6%. Based on the evidence of price action, i think GBPCAD should bounce up from 88.6%. Enter long around 1.8040, the 88.6% FIB retracement level.
Long GBPCAD...
Wait for a candle to break below, close below the B point. Sell on retest.
T1: at bullish Butterfly completion
T2: at area of confluence of minor Fibo level with old major structure
With the CAD pairs popping today some of the longer term patterns are starting to come close to completing. Bearish GBPCAD cypher set up completes at an area of structure, with the big wick on the x leg not closing above previous resistance levels. Current set-up comes off another big winner on previous bullish cypher pattern completion!!
Good opportunity to GBPCAD .
But the best step aside now waiting break trend line that is orange .
break 1.8235 rarget will be 1.8170 . prefer to move to breakeven on this level.
Because will face trend line and support break this level target will be 1.8080 and 1.7950 below eyes on 1.7615.
break 1.8330 target will be 1.8410 prefer to move to breakeven on this...
Last session the market printed Bullish Candle @ Ts on the daily chart ... we will see Cloud breakout as prices are driven into movement towards the resistance 1.848x.
GBPCAD has turned up from the bottom of a 6 month triangle. Another Spike unfolded today in USDCAD by the way. Support is estimated at 1.8210 in GBPCAD.
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GC dropped significant and fast from 846s highs completing the shark lvl1 @88.6 XC ret. (8141). The PA is currently on 127.2 ext of previous low with a possible long on this shark to 8222. However, a good structure (February lows) provides more support @805s where the shark lvl2 completes.
Discretion is advised since both entries long are technical...
Friends,
Looking at a finer granular level (H4), 3 patterns call for a terminal top - Worth balancing against bullish scenario - Rate decision this week is likely to remain unchanged, as per major bank consensus.
As shared earlier, weekly chart calls for additional upwards mobility, whereas Daily/H4 charts are topping off.
Predictive/forecasting model remains...
I have started building a long position at GBP/CAD based on two fundamental views: 1) With the UK economy maintaining impressive momentum, I expect further upbeat data releases this week in form of CPI and employment change, highlighting the fact that the Bank of England could be the second DM central bank to hike interest rates after the RBNZ. 2) The Canadian...
