GBPCAD May Form a Broadening Wedge Ahead of BOC Decision
GBPCAD May Form a Broadening Wedge Ahead of BOC Decision
GBPCAD appears to be shaping into a Descending Broadening Wedge Pattern. The price hit strong resistance near 1.8400 and could continue moving lower, forming the C wave of the pattern.
The main driver for this setup is the upcoming Bank of Canada (BOC) interest rate decision on April 16, 2025. Markets expect BOC to hold rates at 2.75%, but a 25 bps cut to 2.5% is still a possibility.
If BOC does lower rates, they may issue a hawkish statement, which could strengthen CAD—though this scenario won’t be straightforward.
We'll have to wait and see how the market reacts.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
GBPCAD appears to be shaping into a Descending Broadening Wedge Pattern. The price hit strong resistance near 1.8400 and could continue moving lower, forming the C wave of the pattern.
The main driver for this setup is the upcoming Bank of Canada (BOC) interest rate decision on April 16, 2025. Markets expect BOC to hold rates at 2.75%, but a 25 bps cut to 2.5% is still a possibility.
If BOC does lower rates, they may issue a hawkish statement, which could strengthen CAD—though this scenario won’t be straightforward.
We'll have to wait and see how the market reacts.
You may find more details in the chart!
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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GBPCAD -> 175 pips down since when it was posted:)
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✅MY Free Signals
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
t.me/TradingPuzzles
✅Personal Telegram
t.me/KlejdiCuni
✅YouTube
youtube.com/@TradingPuzzles
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.