Those who continuously follow the blog posts must have known the fact that I love trading supply demand imbalance and recent decline in Crude oil really push all the Canadian dollar Pairs to reach Multi Year high but recent sell-off in Sterlingpush back the gbp/cad towards correction. But recent rally from lows give us a little clue that correction might have ended and trend is about to continue, But we need strong confirmation on daily as well as weekly charts. Recent rally from Lows is very strong and could be a part of correction as well but price has maintain some levels and today on hourly we have some strong moves of that demand level and I will surely cover that chart during weekend.
Let's Start from Daily And Weekly Chart.
Demand levels Seen on Daily and Weekly Chart
I have mentioned two charts in a same file and both of them are completely telling us about the Demand levels, On the left we have weekly chart where we have seen few week earlier we have a big gap on weekly followed by Piercing Line Candlestick pattern though that rally lack Momentum an then on the right we have daily chart and pattern remains the same.
I will update the chart again after weekend to sum up the activity during the week on weekly and daily Charts.
