GBPCAD: CAD regaining strength in the near short term
I'm looking at the possibility of a short setup emerging from this pair.
On the shoulders of crude showing signs of a bottom, and possible reversal, and an overall bullish gold, CAD might have what it takes to regain strength and pull this pair lower, back to the consolidation zone below.
The ATR bands indicator I've been using recently displays the current vertical leg as being close to the extremes, in both the 13 and 125 period settings.
Price action warns me of the possibility of a rebound, but I won't discard bullish continuation after this decline.
Targets are the dotted lines.
I'll place a sell stop under tomorrow's low if it moves above the current bar, or look for any bearish confirmation in the form of a move below today's low after the close.
In this type of trade I favor an ATR based stop which I'll detail in the comments tomorrow after the NY session close.
On the shoulders of crude showing signs of a bottom, and possible reversal, and an overall bullish gold, CAD might have what it takes to regain strength and pull this pair lower, back to the consolidation zone below.
The ATR bands indicator I've been using recently displays the current vertical leg as being close to the extremes, in both the 13 and 125 period settings.
Price action warns me of the possibility of a rebound, but I won't discard bullish continuation after this decline.
Targets are the dotted lines.
I'll place a sell stop under tomorrow's low if it moves above the current bar, or look for any bearish confirmation in the form of a move below today's low after the close.
In this type of trade I favor an ATR based stop which I'll detail in the comments tomorrow after the NY session close.
