GBP/CAD: Medium-term trade idea with good risk reward [The Carney Trade]
- Monthly chart shows how far this pair has fallen with little or no retracement (see chart).
- Weekly chart shows extended sideways consolidation inside wide 1.52/1.62 range (see chart).
- Daily chart shows that the long-Fibo of the 1.5440/1.6270 move held firm (see chart).
- 2-hour chart is trading sideways but is trying to form a platform trend-line from which to launch another move higher (see chart).
Play from the long side with a stop below 1.5720. If triggered, look for deeper dips to reinstate longs when short-term support forms, as long as medium-term range lows near 1.5200 continue to hold. Longer-term target at 1.8800.