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GBP/JPY Slides Amidst Weak UK Retail Sales: Bearish Trends Ahead 
USDCAD minor trend slides through sloping channel, while bullish engulfing pattern takes off rallies above DMAs, buying momentum is yet to confirm (refer daily chart).
Despite the today’s rallies, bears nudge towards 7-DMAs. For now, more slumps seem to be on cards upon bearish MACD crossover and faded previous bullish momentum.
Bears are activated on the streaks of bearish patterns as CAD caught between trade war storm clouds and hiking central banks.
Intermediate trend spikes through rising channel pattern (refer weekly chart), shooting star pattern candlesticks have occurred at 1.3260 and 1.3141 levels after failure swings at stiff resistance. Consequently, the strong support is broken below as the prices slid below 7EMAs.
Both RSI and stochastic curves show downward convergence to the prevailing price dips that signal strength and intensified bearish momentum.
While trend indicators (MACD curves) show bearish crossover that indicate the downtrend to prolong further.
Trading tips: Contemplating above technical rationale, on trading perspective, debit put spreads are advocated as the selling indications are piling up on weekly graph. Thus, in order to arresting bearish risks and to optimize strategy, shorting an out-of-the-money put option is recommended that reduces the cost of trading by financing long position in buying in-the-money puts.
Execute strategy by adding long in 2w (1%) in the money -0.69 delta put option and short 2w (-1%) Out-Of-The-Money put option for net debit.
Currency Strength Index: FxWirePro's hourly USD spot index has shown 26 (which is mildly bullish), while CAD is flashing at -92 (bearish), while articulating at 10:05 GMT.
For more details on the index, please refer below weblink:
