GBPCAD Price broke the Resistanceprice above resistance and ready to make new support if hold we are moving higher
waiting for retest of the zone
Gbpcadshort
GBP/CAD... SHORT!After a big fall price had to correct before continuing heading down.
Once this expanding ascending channel breaks, expect bears to come in. Selling Pressure!
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.
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!
