. There is a possibility of temporary retracement to suggested support line (1.6591). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down...
Using my Supply and Demand trading strategy. I have analysed the pair GBP/CAD on the 4 Hour Chart. I believe that the pair is a Strong Sell only if the next candle formed is a BIG Bearish Candle or either a Rejection Candle. If this is the case, I will be looking to go Short.
Here we have the HH HL LL LH formations with a HH in line with Previous LL if you can scroll back there is around 3/4 of the same formation currently on this chart.
Keep it simple do not over complicate anything because when you do it gets complicated it self!
Best advice I can give anyone in my opinion if your trading and after 20/30 pips you see...