GBPCAD Trade Setups - Bearish Outlook

⭐️Key Takeaways⭐️

✔️ Bearish bias at this level of resistance
✔️ Canadian GDP on Friday came in better than expected.
✔️ Pound was one of the top performing currencies last week

⭐️Technical Analysis⭐️

Daily doji suggests the bulls are starting to get exhausted. 1 hour however doesn't look too aggressive towards the downside just yet which leaves me to believe we might get another test of the daily resistance before we trend lower. In terms of risk to reward, sell limits are favorable on another push back up to resistance. If daily timeframe manages to break lower that would also signal some further correction with this pair.

Regards,
Michael Harding

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Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.