Gbp/Cad is trading currently at significant resistance level. Many traders are expecting price to drop from here and sentiment is on downside. But looking at current priceaction and fundamentals connected to canadian dollar. I personaly expect prices to go higher from here. First target are highs from May 2018.
Looking on monthly and weekly timeframes we can cleary see momentum to upside and during last two weeks there has been only buying and no selling, plus looking on latest COT reports institutions are heavly selling CAD. If this level holds it's a good sign for more upside.
Looking on monthly and weekly timeframes we can cleary see momentum to upside and during last two weeks there has been only buying and no selling, plus looking on latest COT reports institutions are heavly selling CAD. If this level holds it's a good sign for more upside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.