Was looking at the weekly GBPCAD and it appears to be a great buy with a stop at 1.5460. With this long consolidation we might see an explosive move upwards on this pair.
So next I look at the GBPUSD to see how that looks long-term. This pair looks bearish.
So if GBP looks ready to explode UP against CAD, and GPD looks ready to move DOWN against USD, then USD must REALLY be ready to explode against the CAD! It's hard to say where to put a target, because many days will pass where you'll have to analyze the trade as it moves, but I don't think 1.1700 is out of touch with reality. It won't get there overnight, but it could get there in a hurry when viewed on a weekly chart.
So next I look at the GBPUSD to see how that looks long-term. This pair looks bearish.
So if GBP looks ready to explode UP against CAD, and GPD looks ready to move DOWN against USD, then USD must REALLY be ready to explode against the CAD! It's hard to say where to put a target, because many days will pass where you'll have to analyze the trade as it moves, but I don't think 1.1700 is out of touch with reality. It won't get there overnight, but it could get there in a hurry when viewed on a weekly chart.