GBPCAD long - aggressive - CAD weakness v GBP strength
With USDCAD decelerating ahead of 1.25 and GBPUSD decelerating into 1.28, including a nice reaction off the 1.2775 level from Dec 2016, I'm looking at GBPCAD to capture potential CAD weakness and GBP strength. Looking at this pair also minimises USD and EUR risk from Jackson Hole event.
- deceleration into 1.6 whole number
- 13th Jan' gap down candle offering a potential reaction zone (Friday 13th... good or bad!?)
- H4 candle deceleration and low test
- 88.6% fib' r/t and wedge pattern
- (700 pip fall so far with no pull-backs)
- target 38.3 r/t from last swing high
Failure and 1.5940/1.59 looks like the next level, then 1.5750.
- deceleration into 1.6 whole number
- 13th Jan' gap down candle offering a potential reaction zone (Friday 13th... good or bad!?)
- H4 candle deceleration and low test
- 88.6% fib' r/t and wedge pattern
- (700 pip fall so far with no pull-backs)
- target 38.3 r/t from last swing high
Failure and 1.5940/1.59 looks like the next level, then 1.5750.
Trade closed: target reached:
