GBPCAD SHORTGBPCAD has Successfully Broken and Retested a trendline, Also Respecting my Daily 38.2 fib level... 1st TP is at 1.68000. Slightly above the next Support.
Gbpcadshort
GBPCAD short idea..GBPCAD like most GBP pairs is signaling a drop soon. Price has been downtrending on H4 before breaking out of the trendline, and forming a short uptrend. We also have retracement up to 50%. A break out of the ascending trendline and CP (Corrective Pattern) will confirm my entry. Again, on the monthly, like all GBPXXX pairs, this pair is downtrending as well. Sooner or later this will end up back at the peak low again. Just a question of time when this will happen.
GBPCAD - BEARISH BIASGBP - BEARISH
1️⃣ Latest jobs report showed the UK unemployment rate rose to 4.1% as the number of people being laid off rose at the fastest pace since the financial crisis.
2️⃣ Investors remained cautious ahead of a Bank of England's policy meeting on Thursday on rising expectations of negative interest rates.
CAD - BULLISH
1️⃣ Traders’ risk appetite was boosted by optimism about the resumption of AstraZeneca’s coronavirus vaccine trials.
2️⃣ WTI crude futures rose amid a weaker dollar and concerns over supply disruptions in the US Gulf of Mexico as Hurricane Sally approaches the region.
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TECHNICAL
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- We are looking to short this pair on SBR level + SMA100 area on H1 chart.
- GBPCAD on bearish zone.
GBPCAD - Simple chart retest 14.9.2020Looking at this pair we broke the weekly key level and we are yet to still retest for further downside on this pair.
So there are 2 potential setups in play on this specific pair. Patience is key. Lets hold out until we get further rejection from the lower support levels before entering the long position.
Once we have a solid retest and rejection off our weekly then we can expect further downside of this pair. Safe trading :)
GBPCAD H&Sh Short Setup The pair has made a head & shoulders after it broke an hourly trend
Let's see if that trade will do a good work.
Good luck!
GBPCAD ShortWant to see GBPCAD drop and see reaction off the .382 fib.
Retracement to stop people out shorting.
Weekly downtrend so should se good gains on a short position.
GBP/CAD Can break the supportHello Traders,
The GBP/CAD cross seems to be under pressure today. If breaks the structure that supports it with a consequent closure underneath, the support would become resistance. Waiting for a confirmation of the next hourly candle to enter short. It is still being evaluated. On the chart you can see the supports and resistances.
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GBPCAD*ENG*
- Price breaking and retesting our supportive trendline, we are now expecting a move to our stress zone.
*PT*
- Preço a quebrar e a efetuar um novo toque na nossa suportive trendline, estamos de momento a aguardar um movimento até á nossa zona de stress.
GBPCAD - DieWe could potentially see GBPCAD declining aggressively now that it has gained liquidity after the resistance break and broken back into the ranging area. Let's see how this trade unfolds later on in the day, best of luck this week traders.
According to COT data source - 68% are short
GBPCAD Updateprice in falling wedge and we are floating above support zone with good rejection from falling wedge ( we close above than still i add retest so this is just mirage for me )
added some entries at support 1.71950
GBP/CAD Technical Analysis.Currently, GBP/CAD is trading at 1.7378. The pair is trading in a downward resistance and support channel. The price is moving towards its resistance level at 1.7396 and it can rebound back after touching resistance level. So, it is possible that after it rebounds from the resistance level it can touch its support level at 1.7217.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don't risk more than 2% of your capital on each trade.
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Rishikesh Lilawat
