GBPCAD | BEARISH TRADE OPPORTUNITY
- GBPCAD is on a strong DOWNTREND on the higher time frames.
- The weekly has broken through the previous low and a new bearish engulfing candle is currently developing.
- On a 4-hourly TF, we are seeing the closure of a bearish engulfing candlestick while all MA20-50 & 100 are trending above the price, suggesting bear pressure.
- Hedge funds are also selling off GBP, while CAD is increasing. So the overall setup looks good for a short trade opportunity.
- The weekly has broken through the previous low and a new bearish engulfing candle is currently developing.
- On a 4-hourly TF, we are seeing the closure of a bearish engulfing candlestick while all MA20-50 & 100 are trending above the price, suggesting bear pressure.
- Hedge funds are also selling off GBP, while CAD is increasing. So the overall setup looks good for a short trade opportunity.
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