GBP/CAD Forecast: Historical Trends and Institutional Sentiment
Updated
The Pound Sterling's recovery has encountered a standstill amidst robust speculation regarding early rate cuts by the Bank of England (BoE). Concurrently, the GBP/CAD pair, after establishing a bottom within its channel around 1.68880, initiated a pronounced bullish surge, propelled by a convergence of technical and seasonal indicators. Technically, the price nears the 61.8% Fibonacci retracement level from the previous swing high, compounded by the presence of the volume point of control. In light of these factors, we have established two limit orders within this zone. Furthermore, there exists the potential for price rejection at the dynamic trendline within the bearish channel, in addition to the VWAP 200 periods. Historically and statistically, the GBP/CAD tends to exhibit a bearish trend during this period of the year. The latest Commitments of Traders (COT) report indicates a decline or negative sentiment among institutional orders, further suggesting a looming price drop.
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✅ Price moved in Profit with Both orders. Trade active
✅ Looks Good.
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