Forex Strategy Video: GBPCAD Adding Up Evidence of a Turn
A strong rally and broad range are contradictory states of being for a market. Yet, GBPCAD is facing both. The pair has surged over 900 pips this month and the most recently leg was an 8-day consecutive run that drove us right up to the upper bounds of a three-year range. With Friday's ominous reversal candle, a backdrop that favors congestion over trend generation and a dissociation from broader risk trends makes for a strong case for this pairs turn. In today's Strategy video, we discuss the GBPCAD's technical, fundamental and structural makeup along with the necessary cues to bolster its trade probabilities.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.