GBP/CAD Technical Analysis
- GBP/CAD trend should continue
- Yesterday’s candle low broke previous lows
- Pinbar rejection
- Trap trade
- 1.5050 is intraday target
MEGATREND MAs: Bearish
D1 Chart GBP/CAD
- Trendline touch
- Strong support at Q L4
- Trap entry
- Intraweek target
- Swing target
The GBP/CAD is still bearish. Yesterday’s Bank of Canada decision was to hike 75 bps which was already discounted in price. However, the statement itself was hawkish as the BOC will continue to fight inflation strongly. That is a cue for further rate hikes and a sign of hawkishness.
The first entry I had was closed yesterday with +53 pips profit. Today the price retested the lower MA which called for another short entry as a trap trade. Ideal trap entry was at 1.5141. Keep in mind that yesterday’s candle broke previous lows which is a sign of continuation. The intraday target is 1.5050 ( it’s almost a +100 pips intraday trade potential) with 1.4928 and 1.4676 as swing.
This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 1 short trade on the GBP/CAD. My Telegram group received a short GBP/CAD signal as a part of the trading method and a trap trade. Watching the daily time frame for this trade and it has been qualified as intraday trade with a potential for intraweek and swing trade.
Summary of AUGUST trading results is HERE(click to see)
Cheers and safe trading,