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CANADIAN DOLLAR / BRITISH POUND

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CADGBP trade ideas

GBP/CAD Breaks Uptrend Line: Is a Downward Movement Imminent?The GBP/CAD pair has exhibited considerable strength since April 2024, climbing steadily until it reached key resistance at approximately 1.8070. This resistance area is close to the highest level seen since 2018, when GBP/CAD traded around 1.8400. Following its engagement with resistance on the daily chart, the price began to show signs of exhaustion. On 12 November, the pair broke below its established uptrend line, indicating a potential reversal or, at the very least, a deeper corrective pullback in the short term. Support and Resistance Context Historically, once a support level is breached, it often transforms into resistance. Thus, the area where GBP/CAD broke the uptrend line may now act as a barrier preventing further price increases. Resistance and Fibonacci Confluence The breakout point of the ascending trendline now corresponds to the zone between the 38.2% and 50% Fibonacci retracement levels of the recent downward movement. This area, which previously provided support to the price, is positioned to play a vital role as resistance during any corrective phase. Potential Selling Opportunity The break below the trendline indicates a potential weakening in bullish momentum. A retracement to the 38.2% to 50% Fibonacci region would constitute a healthy correction, allowing sellers to position themselves at a key technical confluence. This retracement area aligns with the prior breakout point of the trendline and coincides with a newly established resistance level, significantly increasing the likelihood of price rejection. Sell Entry : A viable selling opportunity may arise if the price retraces to the 1.7870 to 1.7930 zone and displays signs of rejection, such as the formation of a Pin Bar or Engulfing candlestick pattern on the daily chart. Target Projections : The initial target could be set at the recent low of 1.7700, with a further extension down to 1.7300, where the price may find new support. Notably, the 1.7300 level represents a crucial historical resistance that could now serve as significant support. Stop Loss : A protective stop loss should be positioned above the 1.8070 level, the historical resistance, to shield against a potential reversal in the upward trend. An alternative scenario While the resistance observed on the daily chart is significant, traders should remain vigilant for a potential breakout above this level, as it could propel the GBP/CAD towards the next resistance target of around 1.8400. Additionally, the upcoming release of the Consumer Price Index (CPI) for the British Pound on Wednesday is a crucial factor to consider, as it may set the tone for future monetary policies in the UK. If inflation comes in higher than anticipated, it could lead to a more restrictive monetary policy in the medium term. Should this occur, GBP/CAD might break through the resistance level and continue its upward trajectory on the daily chart. In this scenario, a buying opportunity could materialise if the CPI data exceeds expectations and the price successfully breaks above the resistance level. An initial target for this trade would be the 1.8400 region, where the price may encounter additional resistance. In Summary GBP/CAD is at an important level in the daily chart, with both Buying and Selling possibilities depending on what comes next. From a technical point of view, a Sell opportunity can appear if the price respects the 1.7870 ~ 1,7930 region. A buying opportunity could appear depending on Consumer Price Index data to be released on Wednesday and the breakout of a resistance level at 1.8200. Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
by Marketscom
GBPCAD BUY IDEACurrent Price: 1.77887 Sell Price: 1.77887 Buy Price: 1.77887 Take Profit (TP): 1.79842 Buy Stop: 1.78388 Stop Loss (SL): 1.76987 The price fluctuating within a range, which suggests a period of consolidation after recent movements. The Stop Loss (SL) set at 1.76987 is a critical support level. If the price breaks below this level, it might indicate a further downward trend. The Take Profit (TP) set at 1.79842 is the immediate resistance. If the price reaches and breaks above this level, it suggests a bullish breakout. Current RSI Values: 50.79 and 50.48 RSI around 50 suggests that the market is in a neutral zone, neither overbought nor oversold. You should watch for the RSI to move towards the 70 level (overbought) or 30 level (oversold) for potential reversal signals. Consider entering a buy position if the price approaches the Buy Stop at 1.78388, indicating upward momentum. Monitor for bullish candlestick patterns, such as the hammer or bullish engulfing pattern near this level, to confirm the entry. Set a Stop Loss (SL) at 1.76987 to manage downside risk. This level acts as a safety net if the trade moves against you. The Take Profit (TP) at 1.79842 provides a target level to secure profits. Look for increased trading volume near the buy stop and take profit levels to confirm strong buying or selling interest.
Long
by sicmine
GBPCAD: Enter a Buy Trade or Sell Below 1.7860Currently, GBPCAD is trading at 1.7970, and we're opting for a buy trade with a target set at 1.8110. If we’re considering a sell trade, we’ll need to keep a close watch for a break below the support level at 1.7860. This level is crucial because it indicates where buyers have previously stepped in to support the price. If the price drops below this level, it signals that the buyers may no longer be able to hold the price up, and that could be a good time for us to enter a sell position. In this case, our target for the sell trade would be set at 1.7710.
Long
by FXTradingAnalysis
GBPCAD – trading the range within an uptrend.. week of 18 NovTwo touches on either side constitutes a range and we see that in GBPCAD. The preceding move was bullish, but we have been in a range since late Sep. Price has been comfortably above the 200dma and this gives me a bullish bias. Current price at the bottom of the range is where a long trade makes most sense. If this works out as I anticipate, we should have a +3R trade. I will add that I like the look of this chart, recent moves are strong and decisive. Note also how the small bullish candles last week had relatively good volumes, while the larger bearish candles had relatively low volumes. Could the bulls possibly be taking over this market? This is not a trade recommendation, it is merely my own analysis. If you decide to trade this, you should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!! It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Long
by Trading_Vista
4
GBPCAD Will Go Higher! Long! Take a look at our analysis for GBPCAD. Time Frame: 12h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 1.776. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 1.792 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
GBPCAD RE TESTINGThe potential downtrend in the GBP/CAD currency pair may be influenced by several critical factors. The Bank of Canada's relatively hawkish monetary stance, supported by strong economic data, contrasts with the Bank of England's cautious approach due to slowing UK economic growth. Declining global oil prices could limit the downside for the Canadian dollar, as Canada is a major oil exporter. On the technical side, GBP/CAD has recently tested key support levels, and failure to hold these levels may signal further bearish momentum.
Short
by edl75
GBPCAD 4hr LongGBPCAD ✅ 4hr Long ✅ 💰ENTRY: 1.77755 👎STOP LOSS: 1.78356 TP TARGETS ⏰TP1 ⏰TP2 ⏰TP3 ✅ 1. Weekly Time Frame: Price has been breaking bullish and trending above the 10, 50, 200 EMAs. ✅ 2. Daily Time Frame: Price has been breaking bullish and trending above the 10, 50, 200 EMAs. ✅ 3. 4hr Time Frame: Price has made a valid correction into the 10 EMA. ✅ 4. Price has made a Swing Low Engulfing candle above the 50ema. This is a great example of my systematic system.
Short
by angelvalentinx