GBP/CAD---An Interesting Star-Trade of the Day ??

In view of the imminent weakness of British Pounds and the upcoming rate revision from BOC , coupled with the recent rise of the pair, we reckon that it  may be the star of trading for today.

Please note that  BOC is expected to increase her interest rate from 0.50  to  0.75 today (09:00 EST)


H1 Chart for GBP/CAD

H4 Chart for GBP/CAD

From the H4 chart, a perfect Double top FORMATION  is being finalized.. A rise of almost 750 pips over the last few days can be noted too on H4.

From the H1 chart, a break below 1.5950, ( near both the 100 SMA and Ichimoku Cloud bottom )shall see this pair  charging towards 1.5415 (its recent low) and beyond.(see also H4 Chart)

Strategy

SELL DOWN GBP/USD near 1.6040 (slight recovery)

SL===60 PIPS

Target: 1.5950(H1, 100 SMA), follows by 1.5813 (H4, Ichimoku Top), and 1.5418 (H4, Recent Low)

Please note that  you  may have the potential to gain over 600 pips