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GBPCAD

EURCAD I Watch for break of range and these levelsWelcome back! Let me know your thoughts in the comments! ** EURCAD 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
6
GBPCAD - Break Of Long Term Trend!Analysis: We were looking at this pair not that long ago for long setups, however we didn't get this in the end and price actually broke below our level that we were interested in. Looking at current price action we've now got a bearish outlook on this pair for multiple reasons. As we saw price break our level we are not longer in an upwards trend, meaning that we don't want to be looking for longs but instead we want to be looking for short setups. We're at a very key level which has been tested multiple times and we expect that it will be respected again this time for resistance. We've got added confluences as well which give us more confidence in this setup. Firstly the 50% fib retracement level is at our area which we expect sellers to push price down from so this goes in our favour. Another confluence that we have is the downwards trendline that is present. We expect that price will bounce off of this trendline and continue its move to the downside. Our final technical added confluence we have is the break of a long term upwards trendline. This shows us that the long term trend has been broken and we expect to see a change in the market momentum which goes with our bearish thesis. Fundamentally the GBP is stronger then the CAD so this doesn't go in our favour but like we've said before we expect that oil prices will rise again soon and with this the CAD will also rise. Canada is the 4th largest oil distributer in the world so if oil prices rise so will the CAD. This is why we don't really mind that currently the GBP is stronger then the CAD because we think that this will soon change. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Short
by jpeacockfx
8
GBP/CAD Pair in Pullback Mode: Assessing Bullish OpportunitiesThe GBP/CAD pair is currently experiencing a pullback phase following a notable reversal at the 50% and 61.8% Fibonacci levels. This retracement suggests a temporary correction in the price movement. However, there is potential for a new bullish impulse to emerge, which could propel the price towards the 1.6900 level. If this bullish momentum continues, the pair may eventually approach the resistance level at 1.69200. Considering these factors, traders are actively seeking a long setup in this market. The pullback presents an opportunity to enter a long position, anticipating a continuation of the upward trend. Traders will closely monitor price action and key technical indicators to confirm the strength of the bullish bias and assess the likelihood of the price reaching the target level of 1.6900. It's important to exercise caution and employ appropriate risk management strategies while trading in order to navigate potential market fluctuations and optimize trade outcomes.
Long
by DAY_PROFITS
2
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