There is still a long way to go before the GBPCAD reaches the next LT support level, it is currently trading at 1.5611 and the next LT support level is at 1.5427, more than 170 pips away. So we have plenty of room to get a good trade going.

This is the hourly chart:

As you can see it has a clear resistance level, which is exactly where I’m going to be looking for my short opportunity.

Do you agree with me?

Trade Safe!

Raul Lopez
Forex Coaching