GBPCAD Short Trade

GBPCAD H4

Pair broke the channel on H4 chart to downside. Setup looks bearish.

This channel is in place since 7-Nov and has constrained price since then. After the break to downside on Friday, pair has tested the lower trendline once but has pulled back since then.


I didn't took this trade on Friday because of high risk event, NFP. But will be shorting this pair on any spikes towards the lower trendline. 200EMA comes just above the lower trendline which might also provide some resistance.

My plan is to short the pair on any spike with stop at 200EMA with open target.