During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
GBP/CAD is losing ground
2019-11-11 • Updated
Trade idea
SELL 1.6100; TP1 1.6060; TP2 1.5980; SL 1.6120
GBP/CAD tried to recover in August, but its progress wasn’t very impressive. A “Dark Cloud Cover” pattern was formed on the W1. The declining 50-day MA is providing resistance at 1.6255. The decline below the last week’s lows in the 1.6135 area opens the way down towards 1.6060 (61.8% Fibo of the August advance) and 1.5980 (78.6% Fibo). Notice that there will be a lot of political challenges for the GBP in the upcoming days. The rise back above 1.6255 is needed to allow a retest of 1.6355 (August highs).
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...