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Gbpcadforecast

GBPCAD | Perspective for the new weekMy last publication successfully predicted 500pips in our direction (see link below for reference purpose) and it is now obvious that the GBP/CAD has seen the movement of price caught within a uniform range sandwiched in between CA$1.76000 and CA$1.68000. Since the beginning of the year, GBP/CAD has been trending lower as it appears to have found a new Supply zone @ CA$1.74000. A better oil outlook in the new year continue to support the Canadian Dollar as an increase in oil production might stimulate market demand hereby boosting the Canadian currency. Tendency: Downtrend ( Bearish ) Structure: Channel | Supply & Demand Observation: i. Since June 2020, the price has respected the Flat Channel with no signs of Breaking the Supply zone as we continue to find Lower Lows. ii. The new Supply zone found @ CA$1.74000 shall be a yardstick to maintain the Bearish bias in the coming week(s). iii. This been said, a significant Breakout of CA$1.75000 might render this bias invalid... Trade consciously! Trading plan: SELL confirmation with a minimum potential profit of 450 pips. Risk/Reward : 1:3.5 Potential Duration: 7 to 15 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
3
GBPCAD Rejection From Here... BULLISH Continuation!!!Great opening from GBP pairs, we were expecting some sort of BEARISH opening to this week candle before further BULLISH movement. As of now, GBPCAD managed to retrace all the way to 50% fib level (also a support level @1.7068). I will be expecting a rejection from here to continue its upward movement, minimally testing the resistance level @1.7250 area. Definitely, I see a potential of it reaching 1.7400 if that resistance level break. There will be 2 entries we can consider now. First entry will be at the current price while second entry will be at 38.2% fib level (also a resistance level @ 1.6990). Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Long
by YGForex
GBPCAD | Perspective for the new weekBreakdown of CAD1.73500 during the week is a sign that the loonie risk a further decline in the latter part of the year... GBP/CAD exchange rate falls even as we anticipate the re-introduction of Covid-19 Tier System Tendency: Downtrend ( Bearish ) Structure: Trendline | Supply & Demand | Breakdown Observation: i. Price did not respect Trendline (Neckline) to Breakdown both the Trendline and Support level on the 27th of Nov. 2020. ii. Looking forward to a correction in anticipation of a further decline in the following week(s) as 1.73500/1.73000 becomes a new zone for Supplication. Trading plan: SEL confirmation with a minimum potential profit of 300 pips. Risk/Reward: 1:4 Potential Duration: 2 to 5 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry