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.
Intraday Short trade.
Falling wedge
Could see a potential drop to the bottom support/resistance line
Then a start of an uptrend towards the top support/resistance price level.
CAD news and GBP news can both help this trade
Now we can observe a potential bearlish bat on the chart. If the price reach 1.6750-1.6800,we can wait for the PRZ to confirm.
If you look the chart , you can see the area of strong resisitance. the price was forced to move down in Sep in this area.
Please be careful about the price action around the PRZ zone. False breakout often happen in pound pair.! The ...
-There is Bearish Big Belt candlestick pattern that printed on a weekly zone
-A Kangaroo Tail printed on the weekly timeframe
-Price action probably heading to the monthly zone in the long run
Possible longer term here bullish opportunity on the Pound/Canadian.
The GBPCAD has recently broken out of a down trending 'channel' on the H4 chart, and coupled with the recent explosive move after the BoE's interest rate comments last month, we might be seeing an inverted head and shoulders pattern potentially forming as well. Looks like a little bounce at the ...
Hi guys on this one i am willing to accept that it may go long now...as structure has broken above h4 demand...however i would like to see price dip to d1 demand as this would give a higher probability trade coupled with a 78% deep retracment... this should give us a good c to d move
I will make a shout on this and say, SELL.
Certainly, it's better not to rush on this one, because it depends how will that little trend line will hold.
I would to see a break to the downside. Not because of the weaker Pound but because of the stronger CAD. If it closes below the trend, then guess what? SHORT...
This chart is at an interesting level right now, ...
GBPCAD is forming a monthly bullish engulf for the month of September. This candle formation is forming right around a highly significant level of support/resistance. will look for an entry around the 50% retacement of September candle after close above key level. targets are -27 fib extension and next monthly level of resistance.
1.65 has been a significant s/r area and price is flirting around it. Looks like a head and shoulder pattern is forming on top of it.
If price stays above 1.65, the FTA to look out for is the 1.69 area (blue line = .5/.68 fib level) and because this area has held as a s/r level.
Watch PA around the 1.69 area and look to go short on a retest.
If price breaks ...
