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Gbp-cad

GBPCAD: Interesting Buy OpportunityThis is a very interesting market for watching - the price bounces from the support zone, which was confirmed in 2016 and 2017 years. RSI tells us about the oversold market conditions. MACD histogram is going to confirm the upward movement. In spite of strong downtrend, the market has opportunities to move upward. The price has been falling for about four months, and a correction movement from the strong support zone looks logical. Buy signals can be used from the weekly and lower timeframes. The stop orders must be placed below the support zone. Profit targets should be placed at the resistance levels. Don't forget about proper money management.
Long
by DLavrov
13
GBPCAD ShortThings don't look like they'll be improving for GBP on a macro level anytime soon, and the algo generated a short signal for this pair on Friday's close. It's true the RSI is under 30 here and many interpret that as "oversold" but in Spot ForEx "oversold" isn't really a thing, so it's sufficient that the RSI is under 50 to give an approximation of the strength of the move. While a short does look appealing here, politics and sentiment move the pound quite a bit so risk management on an entry here will be important!
Short
by austrian_trader
1
GBPCAD IDEAYesterday on CAD news we bounced fast and hard from 1.598. We bounced because there was alot of longs set at 05:00 31 July, right at US market close. After that Asia Pushed the price down from where it bounced hard on 3rd attempt(breaking previous low by a litle) and reversed few hours before EU market went live. Now that some of those longs were closed yesterday on the target, we might drop down again for some strength. Watch the price action closly at @1.59600 If we bounce we are going to 1.61350 this time If we fall, we will fall to ~1.594 and bounce from there. I do not belive we will drop further then 1.593. We could bounce straight up from where we are too, alot of GBP news today.
by NinoMastermind
4
GBPCAD SS Short + 130 Pip PotentialPrice is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR. 2 Potential entries (it is one or the other, not both) Entry = 1.6341 Stop = 1.6361 Risk = 20 pips Profit target = 1.6211 ( The projected daily low ) Reward = +130 RRR = 6.5 - 1 2nd Entry = 1.6267 Stop = 1.6292 Risk = 25 pips Profit target =1.6192 Reward = 75 RRR = 3-1 I would appreciate if you leave a comment or like as a thank you Have a great week ! Allen
Short
by AGold54
2