GBP/CAD Daily is bullish with 50 MA > 100 MA > 200 MA, and pair is above daily Ichimoku Cloud.
The pair looks like it could do one more pullback towards around 1.87 which is near the daily cloud and 50 MA, and also equal leg of triple three Elliott Wave structure. From there, I like it to the upside at least 50 back of decline from 1.96 if not continue primary trend higher to a new high. Trading plan is to buy half at 1.8705, another half at 1.862 for an average entry of 1.866, with stop loss 10 pips below 1.618 extension or at 1.8474.
It's a 4 hour trade, so stop loss is not tight to allow the trade to work in our favor. I will move stop loss to break even as soon as I get a good separation from the entry. Will target at least 50 back of the decline from 1.96 if not a new high.
The pair looks like it could do one more pullback towards around 1.87 which is near the daily cloud and 50 MA, and also equal leg of triple three Elliott Wave structure. From there, I like it to the upside at least 50 back of decline from 1.96 if not continue primary trend higher to a new high. Trading plan is to buy half at 1.8705, another half at 1.862 for an average entry of 1.866, with stop loss 10 pips below 1.618 extension or at 1.8474.
It's a 4 hour trade, so stop loss is not tight to allow the trade to work in our favor. I will move stop loss to break even as soon as I get a good separation from the entry. Will target at least 50 back of the decline from 1.96 if not a new high.
