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Gbpcadsetup

GBPCAD: LAST SETUP MOVING WITH 380+ PIPS PROFITDear Traders, hope you are doing great, we have an update on GBPCAD, our previous setup moving in positive with 380 PIPS.The GBP/CAD currency pair has been on a downward trend this week, falling from a high of 1.6650 on Monday to a low of 1.6350 on Friday. The pair has been under pressure from a number of factors, including a stronger US dollar and a weaker British pound. The US dollar has been buoyed by expectations of a rate hike by the Federal Reserve, while the British pound has been weighed down by concerns about the UK economy. The GBP/CAD pair is likely to remain under pressure in the near term, as the US dollar is expected to continue to strengthen. However, the pair could see some support if the UK economy shows signs of improvement; How will positive news will impact on GBPCAD? Positive news about the UK economy could lead to a rise in the value of the British pound, which would in turn cause the GBP/CAD currency pair to rise. This is because a stronger British pound would make it more expensive to buy Canadian dollars, which would lead to a decrease in demand for Canadian dollars and a rise in the value of the GBP/CAD pair. However, the effect of positive news on the GBP/CAD pair would depend on the nature of the news and the market's reaction to it. If the news is seen as significant and likely to have a lasting impact on the UK economy, then it could lead to a sustained rise in the value of the British pound and the GBP/CAD pair. However, if the news is seen as less significant or likely to have a temporary impact, then it could lead to a more muted reaction in the market and the GBP/CAD pair. Please show us some support by liking and commenting your views
Short
by Setupsfx_
26
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
7 Dimension Analysis For GBPCAD 😇7 Dimension Analysis - Bullish Setup on GBP/CAD Analysis Time Frame: Daily 1: Price Structure: The market is currently exhibiting a bullish price structure, characterized by an initial Behavior of BoS (Breakout of Support). The move is impulsive, and the inducement is completed with liquidity swept internally. This is the 1st pullback in the bullish move, and the extreme order block (OB) remains unmitigated. Strong bullish momentum is evident around the demand area. 2: Patterns: 🟢TREND LINES: A horizontal support line is observed, acting as a key level of support. 🟢CHART PATTERNS: A double top pattern with an impulsive breakout and heavy volume is in place. A rectangle pattern has also broken out, with the previous resistance now becoming support. A V-shaped swing indicates a rapid recovery. 🟢CANDLE PATTERNS: A key reversal pattern has formed, signaling a potential trend reversal. A record session count of 4 candles is observed, indicating strong bullish momentum. A change in guard pattern has appeared. Momentum has failed to sustain a clear direction. 3: Volume: Volume on the breakout was not significant, but after the breakout, big volume appeared as a follow-up. Volume during the correction phase is average. 4: Momentum UNCONVENTIONAL Rsi: 🟢The Unconventional RSI is currently in a sideways zone. 🟢Divergence is evident. 🟢Confirmation is needed for a breakout above the 60 level or resistance. 5: Volatility measure Bollinger bands: 🟢Prices are taking support at the middle band, indicating its significance as a support/resistance level. 🟢A squeeze breakout occurred, going outside the upper band, and prices have already done a "Walking on the band" move, indicating bullish momentum. 🟢A headfake pattern is clearly visible at the low of the previous move. 🟢Dual band derivation suggests that confirmation may take 1 or 2 more days. 6: Strength ADX: The ADX is in a "kiss and cross" position, but the main line is above 20, indicating that bulls are still in strength. 7: Sentiment ROC: The rate of change for GBP against CAD is positive, indicating GBP strength. ✔️ Entry Time Frame: H1 ✅ Entry TF Structure: The current structure is bearish, but as 4 pullbacks are already counted, there is a high chance that the price can change structure. It is advisable to enter once the choch is done, as the low is already confirmed. ☑️ Entry Move: Impulsive ✔ Support Resistance Base: Trend line now acts as support. ➕ FIB: Activated ↕️ Trend Line Breakout: Broken. ☑️ Final Comments: Consider buying. 💡 Decision: Buy. 🚀 Entry: 1.7040 (1st option), 1.6860 (2nd option). ✋ Stop Loss: 1.6795 🎯 Take Profit: 1.7637 😊 Risk to Reward Ratio: 1:11 🕛 Expected Duration: 30 days.
Long
by Optimum369