GBPCAD - Overview on Weekly Timeframe - Short Opportunities
Similarly to the USDCAD pair, we are expecting a big downward movement on this pair as well. As we clearly see from the chart,
GBPCAD
has had a big impulse to the downside, followed by a solid corrective structure, in the shape of an "ABC" correction. As the correction is about to complete itself, we will be monitoring this pair closely for potential short entries. The structure is in certain ways to similar to the USDCAD structure, which would lead us to think that if and when the drop happens, it will be for the sustained increase of demand for the Canadian dollar. However, the movement could be in other ways different in the two said pairs, and this difference could be due to a sum of factors, such as, for instance, an increase of the demand for CAD, plus a massive sell-off of the Pound.
Let us remind all traders, in this regard, also that the British Pound against the Canadian dollar is the only GBP pair that, contrary to all other British sterling pairs, has not broken the top yet.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
GBPCAD
has had a big impulse to the downside, followed by a solid corrective structure, in the shape of an "ABC" correction. As the correction is about to complete itself, we will be monitoring this pair closely for potential short entries. The structure is in certain ways to similar to the USDCAD structure, which would lead us to think that if and when the drop happens, it will be for the sustained increase of demand for the Canadian dollar. However, the movement could be in other ways different in the two said pairs, and this difference could be due to a sum of factors, such as, for instance, an increase of the demand for CAD, plus a massive sell-off of the Pound. Let us remind all traders, in this regard, also that the British Pound against the Canadian dollar is the only GBP pair that, contrary to all other British sterling pairs, has not broken the top yet.
Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.