We have a bearish bias on GBPCAD and the pair is currently trading inside a rising wedge. Sellers can either sell before the break of the wedge with stop losses above 1.75 and targeting 1.695 initially, or wait for the break and retest if taking a more cautious approach.
GBPCAD buy set up daily TF.
Buy for support trend line up to resistance trend line. The support trend line has held up very well since September 2017 with many touches across it. As GC is volatile i would recommend having a 3TP option available.
Downtrend. Pullback, and has now broken the upward trendline to continue its downward journey.
I want to sell off 1.68.
Price broke through 1.68, retested, and gave me the perfect entry.
Price is at a strong support/resistance zone. We could see it heading up to retest the break in the trend line from here. However, it may carry on going short to the Daily 0.786 line before it heads back up for a retest. The RSI is showing that price has been oversold and we could be looking at a reversal soon. Once price has retested the trend line it could keep...
5MIN Timeframe:
- Price has broke through and retested the resistance level
- Possible continuation trend
- Long wick formed on the last 5 min candle. Price may retest this zone again.
H1 Timeframe:
- Doji formed at resistance level
- Price may enter a state of consolidation or continue on an uptrend
5MIN & hour timeframe show contradicting signs.
Wait for...
The British Pound vs. the Canadian Dollar. This is one of the most traded pairs in the world. The Canadian Dollar, often referred to as the “Loonie”, is considered to be a commodity currency because of Canada’s heavy energy exports.
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