GBPCAD is trading in long-term bearish trend. The market is steadily going down within a falling parallel channel. The pair is approaching its resistance at the moment. Depending on the reaction of the price to that, I see 2 potential scenarios:
If the price breaks a resistance of the channel (we need a daily candle close above that to confirm a breakout), then a bullish continuation will be expected to 1.6118 structure.
If the price breaks a 1.5855 - 1.59 local daily support and closes below that then a bearish continuation will be expected at least to 1.572 level.
Wait for a breakout and only then buy/sell the pair.
What are your expectations?
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All these nice drawings - chartings are just tea leaves reading when NOT CONNECTED to Economic Data . It's time to produce charts where Economic Data - Economic Forecasts are present . Scotia Bank released a 1,55 - 1,53 level research. So many were long on GBP/CAD and get crushed this morning : minus 70 pips in one hour .
RayCharles
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The GBP upsurge was a relief reaction for the 3 days when Oil went down from 123 to 113 , but this oil pullback has dsappeared, oil is back to the same uptrend and CAD economy is in a much better shape than the UK. So down is the logical trend , to 1,56 then maybe 1,5475
TradingBonus
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Really good!
TheSignalyst
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I like trend-following setups too!
VasilyTrader
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Bullish or bearish? what is your view?
World_Open_Forex
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@VasilyTrader I was thinking bullish but I clearly see the bearish side.
aldzinvest
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@VasilyTrader, Bullish but lets see. Cute descending triangle on the recent structure. Lets see if it breaks to the downside.
So many were long on GBP/CAD and get crushed this morning : minus 70 pips in one hour .