Initiated a short on the GBPCAD earlier today.
Entry: 1.8055 : Short : 1 x Mini-Lot
Stop Loss: 1.8350
Take Profit: 1.7650
Bearish Divergence on daily chart. SL and TP based on Fibo levels (please see the attached).
I know we're technical traders, but the fundamentals drive the technicals--in my humble opinion. Anyhoo, the Aussie and the Loonie appear to have some momentum in gaining strength against the other majors. I believe the Kiwi will follow suit shortly. These three commodity economies, being relatively smaller than the US, EUR, JPY, and GBP economies, tend to turn the corner somewhat more quickly. Nonetheless, all this could change at the drop of a hat
Cheers
