My idea here is going long right now, why?
There is huge reward for little risk here and there will be fresh news tomorrow.
So if market gone bullish 200EMA is a nice place for exit(on daily and H4)
But if the market gone bearish and broke double bottom we can start a short position for 2015’s low.
There can be multiple long setup for this pair(See the daily RSI(Oversold)):
1-tp on 1.473 for low and low risk sl
2-The longer term trade based on the support level that made in 2017
As you can see we got strong support here and a couple of hits on this support.
There are 2 ways to set sl:
1-low risk just below this line
2-Hight risk on 2016's low
GBPCAD hight risk and high reward.
as we can see GBP gained a little strength on other currencies but not on this one! because CAD is going bullish against currencies like JPY.
So the main setup comes from:
1-GBP regain its strength
2-CAD lose its bullish trend
we need to give time to this strategy.
As you can see from the chart, there is strong resistance on 80.0(The round number).
There is a high risk and high reward signal here to go bullish!
tp: Near 82.0 or 83.0 or 84.0
sl: 79.75
