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Gbpcadlong

GBPCAD - Long active ✅Hello traders! ‼️ This is my perspective on GBPCAD. Technical analysis: Here we are in a bullish market structure from daily perspective, so I am looking for long. I expect bullish price action from here as we can see that price filled perfectly the imbalance and rejected from bullish order block. Fundamental analysis: Tomorrow will be released monthly GDP in Canada, if the result is negative, it will support our analysis. Like, comment and subscribe to be in touch with my content
Long
by Snick3rSD
6
GBPCAD is expected to continue its short-term rebound.1. The GBPCAD currency pair is currently reversing its oversold conditions. In the upcoming week, GBPCAD is expected to continue its short-term rebound, with a focus on the release of Canada's monthly labor market statistics. It has potential for consolidation in the next five days due to oversold conditions on the daily chart. According to Shaun Osborne, an FX strategist at Scotiabank, short-term rebounds for GBP may be limited to the mid/upper 1.65s, with major resistance seen around 1.6850/60. Osborne suggests that a clear push above the upper 1.68s is needed for GBP to stabilize more broadly at this point. The potential for GBPCAD to reach levels near 1.68 could depend on the performance of the Pound-Dollar exchange rate, as the Canadian Dollar closely tracks the U.S. dollar, resulting in GBPCAD retracing in line with GBP/USD. 2. There is potential for additional technical gains anticipated for this week. From out indicator , both MA changed color from Red to Blue, in most of case, it tells us, the chart is changing from down trend to up trend/ from down trend to consolidation. So it you have Short Positions on hand, it is the time to take profit. On the order hand, it is the right time to establish Long Position of GBPCAD if you believe there is a technical rebounce for few days as a Swing trade strategy. We mark three key levels of GBPCAD on daily chart for your reference. Key Support Level is 1.6597. Key Resistance Level are 1.6699 and 1.6870. For us, we are running our Trading Rot for Algo trading GBPCAD and other CAD currency pairs(such as Short: CADJPY and CADCHF; Long: NZDCAD, EURCAD and USDCAD) which benefits from CAD turns to down side from Overbought. 3. The focus is expected to be on Canadian labor market statistics, which will hold significant importance. Learning about the CAD Dollar: Some common economic reasons that could contribute to a shift from a strong to a weak trend for a currency: a) Interest Rate Differentials: Changes in interest rates can impact a currency's strength. If a country's central bank lowers interest rates or signals a more dovish monetary policy, it can lead to reduced demand for the currency and potentially weaken its value relative to other currencies. b) Economic Growth and Performance: A weakening economic outlook or slower economic growth can negatively affect a currency. Factors such as declining GDP growth, rising unemployment, or weak economic indicators can contribute to a currency's weakness. c) Trade Balance and Current Account: A persistent trade deficit or a deteriorating current account balance can put downward pressure on a currency. If a country imports more than it exports or experiences a net outflow of capital, it can lead to a weaker currency. d) Commodity Prices: Canada is a major exporter of commodities like oil, natural gas, and metals. Fluctuations in commodity prices can have a significant impact on the Canadian dollar. A decline in commodity prices may weaken the CAD as it affects export revenues and the overall economic outlook. e) Political and Geopolitical Factors: Political instability, changes in government, or geopolitical tensions can impact a currency's strength. Uncertainty or negative developments in these areas can undermine investor confidence and lead to a weaker currency. It's important to note that currency trends are influenced by multiple factors, and the interplay of these factors can be complex. It's always recommended to consult up-to-date economic data and analysis to get a more accurate understanding of the specific reasons behind any recent shifts in the strength or weakness of a currency like CAD. Thank you for your kind attention. Good luck! See you next update.
Long
by ICT_Trader_SB
Time To Buy ? Oversold Move To 1.67 ??Since the close of last month, this pair has seen a sharp decline, plummeting almost 1,000 pips. Notably, for 16 consecutive days, it's registered a new low. Given its extremely oversold conditions, and it has now entered a Daily BUY/DEMAND zone, beginning around 1.64. As a result, I anticipate a short-term upward correction, potentially reaching the Weekly resistance level of 1.67 or even higher. This point could be an opportune moment for long-term sellers to re-enter and drive prices down towards the Weekly BUY/DEMAND zone at 1.60. I've entered a trade based on a 4-hour signal from my TRFX indicator. Check out the image below The 15-minute charts indicate a solid support around 1.64, highlighted by today's brief dip to a new low before a rapid rebound. You can examine this here: I am well aware that this is going against a strong downward push though given the extremely oversold conditions and the fact it is the end of the Month and end of Q3 profit taking may well allow this position to go my way. I will be taking profit off the table as this pair moves up and stop loss is down towards 1.63 if it does breakdown again and the stop is hit I will look for another re-entry signal as this is a good R/R trade. Hope you enjoyed the analysis
Long
by TheFxAce
26
GBPCAD Potential Buying opportunity Buy Description: Pair: GBPCAD SL: 20-30 pips TP: 80 to 100 pips We have identified a potential buying opportunity in pair. The price has shown signs of bullish momentum and is currently trading above key support levels. Our entry point for this trade is Shown in The chart with a stop loss (SL) set at 20 to 30 pip . This provides a risk-reward ratio of approximately 1:3,4 ensuring a favorable risk management strategy. Our take profit (TP) target is set at the area shown on the chart aiming for a potential gain of 80 to 100 pips. This level aligns with previous resistance and offers a high probability of price reversal or consolidation. Please note that trading involves risks, and it is essential to manage your positions carefully. Always adjust your position size according to your risk tolerance and ensure you have a clear understanding of the market conditions before entering any trades.
Long
by Fx_tradertareen
GBPCAD Long Term BUYING Trading IdeaHello Traders In This Chart GBPCAD HOURLY Forex Forecast By FOREX PLANET today GBPCAD analysis 👆 🟢This Chart includes_ (GBPCAD market update) 🟢What is The Next Opportunity on GBPCAD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexPlanet20
GBPCAD Long Term SELLING Trading IdeaAug 20 Hello Traders In This Chart GBPAUD HOURLY Forex Forecast By FOREX PLANET today GBPAUD analysis 👆 🟢This Chart includes_ (GBPAUD market update) 🟢What is The Next Opportunity on GBPAUD Market 🟢how to Enter to the Valid Entry With Assurance Profit This CHART is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts
Long
by ForexPlanet20
GBPCAD - The GBP Is Unstoppable!Analysis: This is another setup that we see involving the GBP and this is pretty much the same as our GBPUSD setup. Firstly looking at price it's clear to see that we're in an upwards trend. We're forming higher highs and higher lows. We also have an upwards trendline which is being respected giving us even more confluence that we're in a strong upwards trend. Price formed this pullback last week which was expected, however we've now pulled back to an area that interests us and an area where we expect to see bullish momentum form. At this level we have a previous area of resistance. As we know resistance often becomes support once broken so this to us looks like a possible area of support. We have more confluences however which line up with our area making it not just a possible area of support but instead a strong area of support. At this level we have the 61.8% fib retracement level. This is often classed as the strongest fib retracement level meaning that we should see buyers step in and push price higher, going in favour of our idea. Another confluence that we have is the upwards trendline. When this trendline has been touched in the past we've see it be respected then the buyers step in and push price higher. History often repeats itself especially in trading so we expect this to happen. Again going in favour of our bullish thesis. The final technical confluence that we have is the slowing bearish momentum. On Friday last week we saw some bullish momentum step in and take control of the market, which is a strong sign to us that we could be seeing price reverse and continue its move to the upside. This morning we had some news that was negative for the GBP, however this move that we got, in our opinion was an over reaction and we expect to see price continue with the bullish momentum we saw come into the markets at the end of last week. We don't just have the technicals on our side but we also have the fundamentals. Currently the GBP is the 2nd strongest major currency whereas the CAD is the 4th strongest major currency giving us even more reason to be long on this pair. That's not the end of it though. As of the most recent COT report we saw an increase of 18K short positions and an increase of 24K long positions on the GBP, which is bullish. For the CAD however we have a different story. We saw an increase of 3K short positions, whilst seeing a decrease of 1K long positions. This is bearish for the CAD. Both the fundamentals and the technicals favour being long on this pair which is why we have a bullish bias. 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 and responded to. We any comments at all so thank you! Stay Safe - The JPI Team 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 too. 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.
Long
by jpeacockfx
18
GBPCAD Bullish Trend continuationThe Canadian dollar fell past the 1.34 per USD level, an over two-month low, as the greenback remains strong amid bets the Fed will need to keep interest rates elevated for longer. At the same time, oil prices fell from recent highs and Canada posted the largest trade deficit since November 2020, highlighting the extent of net outflows of the domestic currency from the economy, and pressuring the Loonie. On the other hand, annual inflation rate in Canada rose more than expected in July and the core rate failed to slow as anticipated, keeping a range of possibilities open for the Bank of Canada, as the bank considers the need for another rate hike in September. So from my side of view Cad will remain weak..... looking at my analysis on GBPCAD we had a breakout of 1.71262 Level and a retest so we might continue buying the dip until 1.73236 which will be my TP.
Long
by Ice_TeaBag
GBPCAD - Long from discount zone ✅Hello traders! ‼️ This is my perspective on GBPCAD. Technical analysis: Here we are in a bullish market structure from 4H timeframe perspective, so I am looking for long from discount zone. I want price to continue the retracement and then to reject from bullish order block + institutional big figure 1.70000. Fundamental analysis: On Friday will be released monthly GDP on GBP, which was forecasted to increase, this means strength of currency, which will support our analysis. Like, comment and subscribe to be in touch with my content!
Long
by Snick3rSD
2