GBPCAD - SPECULATION UNTIL CONFIRMATION.
After a massive false breakout to the upside last week, we have dropped back inside a descending channel.
Of which the candle stick on all time frames before market closure, has rejected the bottom.
This means we could expect a pullback to 1.73000 (top of the descending channel) or the middle of the channel before continuing a bearish move downwards.
Our bias is long before a bearish continuation; as the graph shows.
However, this is simply a premeditative view before the market actually opens.
***Market is currently very volatile***
Of which the candle stick on all time frames before market closure, has rejected the bottom.
This means we could expect a pullback to 1.73000 (top of the descending channel) or the middle of the channel before continuing a bearish move downwards.
Our bias is long before a bearish continuation; as the graph shows.
However, this is simply a premeditative view before the market actually opens.
***Market is currently very volatile***