GBPCAD | a good selling opportunity to catch
hello everyone :))
The trade still looks bearish on higher time frames. The 12-hour TF is forming a bearish engulfing candlestick and attempting to cross MA 20, which is a strong indication of bearish bias. Price action on 1-hour is also indicating GBP selling pressure since it broke the uptrend with a bearish engulfing formation, crossing all the moving averages. Both currencies are being bought, but the price action and the setup are looking strong for a sell. Tomorrow, CAD retail sales data will be released, which could influence market direction.
The trade still looks bearish on higher time frames. The 12-hour TF is forming a bearish engulfing candlestick and attempting to cross MA 20, which is a strong indication of bearish bias. Price action on 1-hour is also indicating GBP selling pressure since it broke the uptrend with a bearish engulfing formation, crossing all the moving averages. Both currencies are being bought, but the price action and the setup are looking strong for a sell. Tomorrow, CAD retail sales data will be released, which could influence market direction.
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