1. A sharp rally that has now run into resistance, with today's candle being the first tentatively candle since September 5
2. A 50% pullback from the swing high on August 5 to the Swing low on September 7
3. Price is just above the 50 , and is well below the 200
4. Signs of GBP weakness and CAD strength are visible on other currency pairs as well
In light of these factors, I shorted GBPCAD at 8012, with my stop at 8128 and my target profit at 7616.