Is there a potential change in direction for GBP/CAD brewing?
Since the beginning of May the BEARS have been in complete control of GBPCAD and we've seen the price move from 1.7708 to 1.7024.
I always spend Saturday morning looking at the weekly charts for all my trading pairs and I notice that GBP/CAD has put in a nice long-legged doji indecision candle which hints at a potential reversal. Its true that the Monthly chart continues to look BEARISH and there's not much fundamental support for the GBP so I wouldn't be predicting we're going to see a bounce next week on G/CAD but its certainly worth keeping an eye on and it will be interesting to see where we head first thing next week.
I always spend Saturday morning looking at the weekly charts for all my trading pairs and I notice that GBP/CAD has put in a nice long-legged doji indecision candle which hints at a potential reversal. Its true that the Monthly chart continues to look BEARISH and there's not much fundamental support for the GBP so I wouldn't be predicting we're going to see a bounce next week on G/CAD but its certainly worth keeping an eye on and it will be interesting to see where we head first thing next week.
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