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.
Market conditions change, and our strategy should reflect those changes. We have coded the DailyFX-Plus strategies for Breakout, Range and Momentum to adapt to these market shifts.
Use the consecutive bar indicator to measure the historical significance and over-extended level of the markets.
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