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GBPCAD

GBP/CAD long CAD boosted by Bank of Canada rate hikeRisks a drop toward the 200-DMA GBP/CAD’s failure to rise decisively past the end-2022 high of 1.6850, slightly above major resistance on the 200-week moving average, points to fatigue in the nine-month-long rally. The cross is testing a crucial converged floor, including the April low of 1.6535, coinciding with the 89-period moving average. While a minor rebound can’t be ruled out given the significance of the support, the broader bias remains down, potentially toward the 200-day moving average (now at about 1.6225). The Canadian dollar may have just received the boost to extend gains against some of its peers, thanks to the Bank of Canada’s (BOC) hike on Wednesday. BOC hiked its overnight rate to a 22-year high of 4.75%, saying “concerns have increased that CPI inflation could get stuck materially above the 2% target.” The central bank, however, dropped the April language saying it “remains prepared to raise the policy rate further”, making it more data dependent. Markets are pricing in another rate hike in July, with the terminal rate seen at 5.15% by the end of the year.
Long
by DaveBrascoFX
USDCAD I Bullish CAD News but in the rangeWelcome back! Let me know your thoughts in the comments! ** USDCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
3
GBPCAD I How to trade it following BOC Rate ReportWelcome back! Let me know your thoughts in the comments! ** GBPCAD Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Long
by BKTradingAcademy
1
GBP/CAD: Price Breaks Support, Eyes 1.6600 Area as Next TargetYesterday, the GBP/CAD experienced a notable decline, reaching a daily low of 1.6725 as the week drew to a close. This downward movement was primarily driven by robust labor market data from the United States, which hinted at the possibility of the Federal Reserve (Fed) reevaluating its stance on further interest rate hikes. Meanwhile, the British Pound continued to face selling pressure, despite the absence of any significant economic events on the British calendar. The GBP/CAD currency pair is currently following a bearish trajectory within a bearish channel. The drop observed yesterday resulted in a break of the dynamic trendline, which had previously acted as a support and allowed the price to rise consistently over time. This breakdown suggests a shift towards a bearish outlook. Furthermore, the price action is forming an AB=CD pattern, indicating a potential continuation of the downward trend. The maximum extension point of the D leg aligns with the 1.618% Fibonacci level, serving as the next target for the price around the 1.6600 area, where a support level is present. Consequently, we anticipate further short-term downward movement within the bearish channel. In summary, the GBP/CAD experienced a decline yesterday, reaching a daily low of 1.6725. This was influenced by strong labor market data from the US, potentially prompting the Fed to reconsider rate hikes. The British Pound faced selling pressure, despite the absence of notable economic events. The currency pair is currently following a bearish channel, with the recent breakdown of the dynamic trendline suggesting a bearish outlook. The price action indicates the formation of an AB=CD pattern, with the next target located around the 1.6600 area, where a support level exists. As a result, we expect a continuation of the short-term bearish movement within the channel.
by FOREXN1
30
GBPCAD - 4hrs ( buy Trade Target Range 200 PIP ) 💲Pair Name : GBP/CAD 🗨Time Frame : 4hrs Chart / Close ➕Scale Type : Large Scale ------ 🗒 spreading knowledge among us and to clarify the most important points of entry, exit and entry with more than 5 reasons We seek to spread understanding rather than make money ✔️ Key Technical / Direction ( ↗️ Long After Retest ) Type : Mid Term Swing ——————————— 🔰Bullish Break 1.68700 Area Reasons - Major Turn level / D - Counter Break - Fixed Range Poc - Visible Range Hvn / Poc 🔰Bearish Reversal 1.70650 Area Reasons - Major Turn level / D - Visible Range lvn - Month High - Pattern Target - Fibo Golden
Long
by GoldenEngine
1
GBP/CAD Technical Analysis! SELL! My dear followers , This is my opinion on the GBP/CAD next move: The market is trading on 1.67943 pivot level. Bias - Bearish Technical Indicators: Supper Trend generates a clear short signal while Pivot Point HL is currently determining the overall Bearish trend of the market. Goal - 1.67014 Recommended Stop Loss - 1.68469 About Used Indicators: For more efficient signals, super-trend is used in combination with other indicators like Pivot Points. ——————————— WISH YOU ALL LUCK
Short
by AnabelSignals
1