Reasons not to enter....yet:
1.GCAD is currently on an area of strong support.
2. GDP Data for Canada will be released tomorrow and its expected to be bad. Bad news for Canada = Appreciation of GCAD.
3.Price has respected this this lower trend line multiple times.
Price has printed a rising wedge. Bullish, but bearish in nature. We should expect a break at any moment however, there isn't a clear indication that price will continue to fall.
Looking at the Weekly, we can see price is currently pulling back and the last broken structure is at the 61.8% level. If price does break the wedge, we can expect strong weekly support around this level.
Let me hear your thoughts.
1.GCAD is currently on an area of strong support.
2. GDP Data for Canada will be released tomorrow and its expected to be bad. Bad news for Canada = Appreciation of GCAD.
3.Price has respected this this lower trend line multiple times.
Price has printed a rising wedge. Bullish, but bearish in nature. We should expect a break at any moment however, there isn't a clear indication that price will continue to fall.
Looking at the Weekly, we can see price is currently pulling back and the last broken structure is at the 61.8% level. If price does break the wedge, we can expect strong weekly support around this level.
Let me hear your thoughts.
Note
WEEKLY 
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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.
Related publications
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.