( 1 pos in progress) week16 GBPCAD Wr5B

w1

Overall trend has been more for past year, but in recent months price has stalled, until last week there was a bullish week close above 4 weeks low. One more week bullish week close will confirm the return of the bulls though.

week16 GBPCAD w1 overall uptrend 150414

h4

On h4 close seems like a decisive hammer close above wr5B.
Entered a scaled position as GPBCAD usually has wider fluctuation.
The slow and creeping upmove does not inspire as much confidence as it can be seen as a potential bear flag as well, waiting to be plunged.

Nevertheless, I am bearish for CAD and with GBP looking to be strong for the moment, a good pair to long.

week16 GBPCAD h4 wr5b 150414

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