GBP/CAD Forecast


There is a forming bullish wedge for the GBP/CAD. Confirmed by the breakout of the resistance cloud. You may take a Long position in this. But because of the Chikou (teal line), the next bars might be consolidating bars and probably trying to test the support before going all out on the bull trend.

I’m personally scared of long shadows of candlesticks especially if they are not on tops or bottoms, and the risk with this one if I should go LONG now, is high. As the next support line is far below marked with the red line. I’ll sit this one out until further confirmation, perhaps a price action signal, but the possibility of this going bullish is high. We just need one final piece of confirmation.