GBP/CAD Trading Analysis (24/01/2025)
The trend is down. The forex pair is trading between 365 and 135 EMAs on the H! timeframe. The rising wave structure is truncated. The entry point is forming at the pullback B with the truncated C. There is a bearish divergence on the Awesome Oscillator and the Stochastic Oscillator signals an overbought condition.
Trade idea:
- Sell at the beginning of the formation of the descending wave structure, when wave A breaks the sloping channel of the ascending truncated structure.
- Stop-loss at the local maximum of the ascending structure.
- Price targets at 1.7645 and 1.7570.
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