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British Pound / Canadian Dollar

Short term long move, long term short

69
There seems to be an extended M pattern o the Daily chart. The candlesticks have been getting shorter with wicks contesting from below suggesting exhaustion for the bears. Anticipating intra day momentum to shift to the bulls and price to rally atleat to the .382 retracement. Looking to catch a short term long on this before going short for the long term. The COT Data suggest a very weak CAD to support the idea. Also from the monthly the charts seam very bearish while the GBP has been adding shorts and is just starting to look net short. So a quick retracement on the daily could be possible before the continuation of the downside completing the M pattern.
l0rd50ahc
Chart Patterns

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Chart Patterns
l0rd50ahc

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.