****daily signal GBP/CAD****
SHORT GBP/CAD @ HOURLY signal if available.
****we’re going to have the Service PMI coming out soon which i will use it to enter GBP/CAD trade without signal but only if we have a negative deviation.
The service PMI came out at lower end of the range, but not low enough to give us a negative deviation so we’ll have to wait for another half hour to see if we can have an hourly big shadow that is still valid to sell.
The service PMI came out as negative for GBP and we can now sell it against stronger currencies.
we now have an Hourly Big Shadow and we’re placing our pending order:
SHORT GBP/CAD
@ 1.6258
SL @ 1.6332
not filled cancelled
updated:
pending order
SHORT GBP/CAD
@ 1.6242
SL @ 1.6323
did not fill at 2nd candle, cancelled.
****daily signal GBP/CAD****
- Today BOE had released the rate decision to be unchanged as expected, however, the tone was much dovish than expected as BOE is not in hurry to raise the rate and might still have the possibility for rate cut. The fundamental of UK has been vulnerable due to the Brexit outcome, and although things have clamed down a bit, traders are still at large trying to sell GBP. Sentimentally it has been quiet supporting from PM May’s comments and plans to yesterday’s Parliament voting, however, the best catalyst for GBP to gain strength was BOE hawkish stance and we did not get that today. Meanwhile, CAD had been performing well over this week from the promising GDP data and previous good labour market. The only thing that dragged it down is the large crude built up recently in U.S but because of the OPEC members’ positive sentiment, CAD had bee well supported, The other risk sentiment was the renegoatiion of NAFAT which tanked CAD previously. However, as things died down a bit and we now get more used to Donald Trump’s hostility toward everyone, it made the reneogaiion of NAFAT less of a big event - especially when Donald approved the Dakata Pipeline and Keytone to show the resilient energy secotr corporation with Canada. Tdoay we had a Biearha Big shadow which we think will be a good chacne to short GBP/CAD in intraday trade.
- The catalyst was yesterday’s BOE rate decision and a much dovish tone for its future rate decision. Meanwhile, CAD is neutral to bullish on the current oil market resilient and strong sentiment from weak USD.
- We’re slightly below PP with S2 @ 1.6150 handle.
- The risk is a strong USD today as traders might buy into the strong job datas previous 2 days to trade into the NFP as buying rumour selling fact; we might also have fundamental traders to get in at much better level to buy USD. Nevertheless, the strong USD rally is going to diminish the oil price also CAD which will be the main risk for CAD. I’ll minimize it because GBP will also be suffered if USD rallied up so the outcome might be a range, then after the NFP there will be higher chance to USD to drop again which will also help CAD but also GBP. With the existing negative sentiment of GBP, we think CAD should still perform well than GBP.
- I’ll manage it with the market sentiment and how traders react to USD especially for the NFP
- Yes but only if we have a strong hourly signal to get in.
SHORT GBP/CAD @ HOURLY signal if available.
****we’re going to have the Service PMI coming out soon which i will use it to enter GBP/CAD trade without signal but only if we have a negative deviation.
The service PMI came out at lower end of the range, but not low enough to give us a negative deviation so we’ll have to wait for another half hour to see if we can have an hourly big shadow that is still valid to sell.
The service PMI came out as negative for GBP and we can now sell it against stronger currencies.
we now have an Hourly Big Shadow and we’re placing our pending order:
SHORT GBP/CAD
@ 1.6258
SL @ 1.6332
not filled cancelled
updated:
pending order
SHORT GBP/CAD
@ 1.6242
SL @ 1.6323
did not fill at 2nd candle, cancelled.