This week’s trading has been very uneventful across most of the markets, only showing brief moments of volatility this week. This is quite common for the Non-Farm Payroll release week as the market tends to wait for the data to come out before taking action.
Looking at the GBPCAD daily chart today, where we’ve seen some fresh bearish momentum push the market down the last few weeks after the bullish rally exhausted and topped out. The bears have now pushed price below the mean value and set the dynamics of the chart to point toward further downside movement.
The last few session have printed indecision candles, but you can that each daily close is lower than the previous day. This could be a sign of further weakness to come and will be waiting for price to breach the low of the indecision candle to consider short positions.