Get started

Gbpcadidea

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
GBPCAD Trading Plan - 20/Apr/2023Hello Traders, Hope you all are doing good!! I expect GBPCAD to go Up after finishing the correction. Look for your BUY setups. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use SL & proper risk management. Market can evolve anytime, hence, always do your analysis and learn trade management before following any idea.
Long
by For3xScalper