GBPCAD is approaching a support zone. Along with that the 100D EMA at 1.7325 can also support the price.
Hence, traders can long for BUY at 1.7315-1.7345 with SL below 1.7265.
TPs can be set at 1.7400 and 1.7550 respectively.
For daily signals, updates and ideas, check my signature at the bottom of this idea.
GBP/CAD (more on our IG page - TWTI.trading)
Heavy manipulation to the upside, wiping out many traders at 1.76400 and 1.77380!
Patience and Timing were key to avoid heavy losses.
Our team were in at 1.75837 but with stops carefully placed at key levels which kept our position in the market while other traders faced heavy losses.
Target 1 +160 points
TRADE: CYPHER PATTERN
Waiting for a Long opportunity on the GBPCAD 4 Hour time frame.
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We have also entered GBPCAD long as we had a confirmed intra day 50/50 bounce.
Again we have a 1:1 RR (not the best I know) but our stoploss is very unlikely to hit as we kill the trade once price closes BELOW 13 EMA.
Let's see how this works out :)
The price made a triple top within the downtrend line on the daily chart. After it, it broke the consolidation and now came back for the retest, already showing signs that the sellers are coming back to the game. I`m gonna wait for a strong price action and then I`m going short.
However overall i am bearish GBP markets since GBP index is weaker across the board, but for now i am looking to buy this market around this support and will hold till my green MA, thereafter i expect it to start fresh falls.
Look for buys if you have your trading strategy.
GBPCAD accelerating in a multi-days bearish channel, with succession of lower top, i am expecting it to make a new low over the coming days, since momentum indicators are suggesting the view as well, if you have your trading strategy, look for short plays.