GBPCAD

From the weekly perspective, the price created a M formation, after the M formation, price usually will retest the neckline of the M (Previous support now turned resistance). And from the daily perspective, the overall environment in the market is still bearish, long at this moment is not a good choice for us.

From the COT perspective, hedge funds are still bearish bias on GBP and CAD but compare to both currencies from the longer-term perspective, GBP is quite stronger than the CAD, the net position on GBP is quite bullish compared with the net position of CAD, in this case, GBPCAD should push to the upside.

The proper way to approaching this pair should be waiting for the market shift to the bullish environment from the bearish environment. Once the market shift to bullish environment, then I will monitoring price action on the 4H perspective and looking for the long opportunity, if the market will provide to me one of the valid entry, then I will take a nice long on the GC with a good risk_to reward.

Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.

Comment down below and let me know your thought.