GBP/CAD SHORT from 1.7469
Drawing Fibonacci levels from the most significant high and low (2.0957 1/12/2005 to 1.4061 1/9/2022) will reveal that the current price is right on the 50.0Fibonacci level.
5 H4 candles ago, price briefly passed through this 50.0 level and was rejected.
since then the next 2 candles have been doji indecision candles, followed by a pinbar and the current H4 candle is also shaping up to be a pinbar though we have 40 minutes before this closes.
The Andean Oscillator on H1 has recently risen from zero to .0047 and the MACD H1 is signalling SHORT as the fast MA crosses the slow MA south.
RSI is declining.
Currently the price is following the 25 EMA which is just showing signs of heading south.
Its worth pointing out that the price crossed north over the WR1 pivot on Monday and is right on the WR2 pivot level where it is being held.
Yesterdays D1 candle was a pinbar bang on the 50.0 Fibonacci.
The Daily Signal Bars price is red (bearish) and M1 M5 and M15 MACD, RSI and Stochastic are all red.
You have to think we are headed lower from these levels especially as EUR/CAD and AUD/CAD are strongly BEARISH and USD/CAD is also BEARISH but less so.
I'm not strongly favouring a SHORT trade here so I have a reduced position size but the plan is to get the trade to break even in advance of USD ADP Non-Farm at 13:15 and, more significantly, the BOC Rate Statement and Overnight Rate expected at 14:45.
Any BULLISH sentiment coming from the B.O.C. will end this SHORT trade very rapidly but if the news is negative then declines will accelerate.
5 H4 candles ago, price briefly passed through this 50.0 level and was rejected.
since then the next 2 candles have been doji indecision candles, followed by a pinbar and the current H4 candle is also shaping up to be a pinbar though we have 40 minutes before this closes.
The Andean Oscillator on H1 has recently risen from zero to .0047 and the MACD H1 is signalling SHORT as the fast MA crosses the slow MA south.
RSI is declining.
Currently the price is following the 25 EMA which is just showing signs of heading south.
Its worth pointing out that the price crossed north over the WR1 pivot on Monday and is right on the WR2 pivot level where it is being held.
Yesterdays D1 candle was a pinbar bang on the 50.0 Fibonacci.
The Daily Signal Bars price is red (bearish) and M1 M5 and M15 MACD, RSI and Stochastic are all red.
You have to think we are headed lower from these levels especially as EUR/CAD and AUD/CAD are strongly BEARISH and USD/CAD is also BEARISH but less so.
I'm not strongly favouring a SHORT trade here so I have a reduced position size but the plan is to get the trade to break even in advance of USD ADP Non-Farm at 13:15 and, more significantly, the BOC Rate Statement and Overnight Rate expected at 14:45.
Any BULLISH sentiment coming from the B.O.C. will end this SHORT trade very rapidly but if the news is negative then declines will accelerate.
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