Short on GBPCAD
On a monthly chart, we can see an uptrend ending with a doji candle. This tells me, the uptrend came to an end and now we will move lover. Great is, that the doji is exactly at the resistance, that worked wery well in the past.
I will look for entries at daily chart. My PT will be aprox. 1.62 -1.63, based on the weekly chart levels. Valid until we brake above 1.78692 (high of a doji candle).
To sum it up:
I wish you good luck and good trading.
I will look for entries at daily chart. My PT will be aprox. 1.62 -1.63, based on the weekly chart levels. Valid until we brake above 1.78692 (high of a doji candle).
To sum it up:
- uptrend, currently not moving higher
- strong resistance, that worked for decade
- doji candle, which means not enough buyer to outnumber the sellers, but also not enough seller (yet) to outsell the buyers. Basically change of the trend.
- fundamentals - I expect the Canadian economy to perform better in a 1 year period.
I wish you good luck and good trading.
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