GBPCAD Bearish Bias, I entered this at earlier point!
This is what I am looking at this morning... As you can see, a clean trendline break on that upwards trendline. There is a nice area of resistance above if the retail sales data at 9.30am GMT comes in positive. However, we have the BoE interest rate decision at 12.00 GMT which is expected to remain, but with more members voting to have a rate cut! If the rate isn't cut today, it is expected to be cut early in 2020. Also, tie this in with the crude oil inventories release yesterday shooting up the price of oil which strengthened CAD as a whole. With both fundamentals and technicals lining up nicely on this pair I think it leaves a good short opportunity!
To keep the chart clean, I removed my Fib retracement levels. My exit is just above the 61.8 retracement of the whole upwards move :)
To keep the chart clean, I removed my Fib retracement levels. My exit is just above the 61.8 retracement of the whole upwards move :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.