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Gbpcadforecast

GBP/CAD Update !!!Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair. Monthly : Double top , And we have a strong Monthly resistance Weekly : "W" formation and we expect the market to retrace to the neckline Daily : We are currently forming a "W" formation on this pair and we should expect a retracement to the neckline as well COT : Institution have been shorting adding long and short position on GBP , however the number of long is more important than shorts but we saw quiet strong impulses for this pair with other currencies. From an CAD perspective we are still looking at a strong CAD even though hedge funds Closed long positions , but if we look at the short positions closed they are more important an the net position went from 13770 net to 16100 net positions 4H: We have a strong area of resistance + supply either on the 4H and Daily timeframe. MACD : we are in a bullish environment so we have to wait for the market to shift to a bearish market EMAs: Cut for long for the moment , things could change in the next few hours. EMA 200 : We are still above this EMA and could be considered as a dynamic support itself in case we decide to go lower to grab more liquidity. Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. Trade safe !!!
Short
by TheDayzen
1
GBP/CAD 1.73200 Good Day Traders !! On the Monthly timeframe we have An M formation on the way, we are in the last leg and expect the price to drop. Going down to the weekly we have a "W" formation and we expect the price to drop to the neckline at least before a continuation to the upside. Going down on the daily We have completed an "M" formation pattern and we just rejected the neckline which support our bearish idea in the near future. From an institutional perspective we can see a massive drop on Net positions on GBP and a big amount of long position added on the Cad according to the last report. Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. Trade safe !!!
Short
by TheDayzen
GBPCAD | Perspective for the new weekMy last publication successfully predicted 500pips in our direction (see link below for reference purpose) and it is now obvious that the GBP/CAD has seen the movement of price caught within a uniform range sandwiched in between CA$1.76000 and CA$1.68000. Since the beginning of the year, GBP/CAD has been trending lower as it appears to have found a new Supply zone @ CA$1.74000. A better oil outlook in the new year continue to support the Canadian Dollar as an increase in oil production might stimulate market demand hereby boosting the Canadian currency. Tendency: Downtrend ( Bearish ) Structure: Channel | Supply & Demand Observation: i. Since June 2020, the price has respected the Flat Channel with no signs of Breaking the Supply zone as we continue to find Lower Lows. ii. The new Supply zone found @ CA$1.74000 shall be a yardstick to maintain the Bearish bias in the coming week(s). iii. This been said, a significant Breakout of CA$1.75000 might render this bias invalid... Trade consciously! Trading plan: SELL confirmation with a minimum potential profit of 450 pips. Risk/Reward : 1:3.5 Potential Duration: 7 to 15 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
3
GBPCAD Rejection From Here... BULLISH Continuation!!!Great opening from GBP pairs, we were expecting some sort of BEARISH opening to this week candle before further BULLISH movement. As of now, GBPCAD managed to retrace all the way to 50% fib level (also a support level @1.7068). I will be expecting a rejection from here to continue its upward movement, minimally testing the resistance level @1.7250 area. Definitely, I see a potential of it reaching 1.7400 if that resistance level break. There will be 2 entries we can consider now. First entry will be at the current price while second entry will be at 38.2% fib level (also a resistance level @ 1.6990). Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Long
by YGForex