GBPCAD: Short term long setting up
I will enter a long position in this pair, targetting the weekly R2 level.
Time target is roughly 10 days, but can be a more rapid ascent, in which case I'd protect profits with a trailing stop under each day's highest low. As long as we're above the weekly pivot and the stop below we will be safe.
Once we hit the ultimate high, we can start looking for a short, but for the time being I'm playing CAD weakness and GBP strength.
It will be interesting to see how the inflation numbers and the price of crude oil affect this forecast, should add some fuel to the fire this pair badly needs to move.
Time target is roughly 10 days, but can be a more rapid ascent, in which case I'd protect profits with a trailing stop under each day's highest low. As long as we're above the weekly pivot and the stop below we will be safe.
Once we hit the ultimate high, we can start looking for a short, but for the time being I'm playing CAD weakness and GBP strength.
It will be interesting to see how the inflation numbers and the price of crude oil affect this forecast, should add some fuel to the fire this pair badly needs to move.
