GBPCAD - Bearish Bias
GBP - Strong Bearish
1️⃣ The GBP is under pressure amid the fisheries crisis in Northern Ireland, although the UK will reportedly share a negotiation document on the protocol with the EU Commission this week.
CAD - Strong Bullish
1️⃣ The CAD commodity-linked currency continued to be supported after crude oil prices hit a 7-year high of $ 80.31.
2️⃣ In August, Canada’s trade surplus increased to CAD 1.94 billion, from CAD 0.74 billion in the previous month, and surpassed the market forecast of a CAD surplus of 0.43 billion.
3️⃣ The economy in Canada added as many as 157K jobs in September, easily beating market expectations for 65K growth. Meanwhile, the unemployment rate fell to 6.9% from 7.1% in the previous month, in line with market forecasts.
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Technical
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We are selling the GBPCAD after it failed to break the resistance levels.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
Don't forget to like, comment, and subscribe for more ideas.
1️⃣ The GBP is under pressure amid the fisheries crisis in Northern Ireland, although the UK will reportedly share a negotiation document on the protocol with the EU Commission this week.
CAD - Strong Bullish
1️⃣ The CAD commodity-linked currency continued to be supported after crude oil prices hit a 7-year high of $ 80.31.
2️⃣ In August, Canada’s trade surplus increased to CAD 1.94 billion, from CAD 0.74 billion in the previous month, and surpassed the market forecast of a CAD surplus of 0.43 billion.
3️⃣ The economy in Canada added as many as 157K jobs in September, easily beating market expectations for 65K growth. Meanwhile, the unemployment rate fell to 6.9% from 7.1% in the previous month, in line with market forecasts.
=====
Technical
=====
We are selling the GBPCAD after it failed to break the resistance levels.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
Don't forget to like, comment, and subscribe for more ideas.
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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.
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.