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CANADIAN DOLLAR / BRITISH POUND

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CADGBP trade ideas

Possible GBPCAD correctionToday we face news from the UK regarding general retail sales which are expected to be slightly negative versus the previous result, including the annual. Market start sentiment has been relatively negative due to concerns of interest rate hike by the FED. The DAX, CAC40,FTSE100 fell at the open by 0.9%,0.6% and 0.9% respectively. Sentiment for the week's close has been rather gloomy, including the Asian close, which has also been dragged down causing the Nikkei to fall 1%. Yesterday the Dow Jones had its worst session in over a year, falling over 600 points following the US Federal Reserve news. As for the European central bank (ECB), it is expected to start cutting interest rates in June, but the UK has experienced such high inflation that it is causing problems for the Bank of England (BoE). As we said, retail sales have fallen by 2.3% on a monthly basis and the weather has prevented the textile sector from performing normally at this time of year. In the afternoon, Canadian retail sales will be reported and the United States will close the afternoon with data on sales of durable materials, aerospace, defense and transportation products, closing with the expectations of the Michigan FED and consumer sentiment and inflation closing with Baker Hughes reserves data. If we look at the daily chart currently the Sterling vs Loonie cross (GBPCAD), since May 12 it started a bullish breakout, and pierced this Tuesday the highs zone generating currently an attempt to reach highs locating at 1.74379. On the bell aspect we see a monocamp with price control zone (POC) at 1.71630 Canadian dollars per pound sterling. And it has given us a signal on RSI of a possible reversal back to the mean due to it being at 17.13%. We'll see how the news today for a possible sharp correction this week's close. Ion Jauregui - Analista AT ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Short
by ActivTrades
GBPCAD - 4hrs ( Buy Trade Target Range 240 PIP ) Pair Name : GBP/CAD 🗨Time Frame : 4hrs Chart / Close ➕Scale Type : Large Scale ------ 🗒 spreading knowledge among us and to clarify the most important points of entry, exit and entry with more than 5 reasons We seek to spread understanding rather than make money ✔️ Key Technical / Direction ( Long ) Type : Mid Term Swing ——————————— Bullish Break 1.72500 Area Reasons - Major Turn level / W - Pattern Break - choch Zone - Fibo Golden - Visible Range Hvn - Day + week high - 3 Quarter + quarter High Bearish Reversal 1.75000 Area Reasons - Major Turn level / M - Year High Area - Fibo 1.27 % - Pattern Target - Ultra High Volume area
Long
by GoldenEngine
Analysis of the GBP/CAD ChartOverview This chart illustrates the price action of GBP/CAD on a 2-hour timeframe with several key technical levels and concepts identified. Key Concepts 1. Optimal Trade Entry (OTE) - Bearish OTE Previously, price retraced into a bearish OTE level and reacted as anticipated, leading to a decline. - Bullish OTE Currently, there is an anticipation of price retracing into a bullish OTE level around 1.72300 , which could act as a support zone for future upward movement. 2. Break of Market Structure (BMS) - A break of market structure (BMS) is noted, indicating a shift from a bearish to a bullish trend. This often signals potential opportunities for entering long positions. 3. Order Block (OB) - An order block is identified, where price traced into this zone and reacted with strong momentum higher. This is a bullish indication, as it suggests institutional buying interest at that level. 4. Intermediary Swing Low - A swing low is marked, providing a reference point for the current bullish trend. This level could act as a support in future price retracements. Anticipated Price Movement - Retracement to Bullish OTE The chart anticipates a retracement to the bullish OTE around 1.72300 . This level aligns with previous support and resistance zones and is expected to act as a support level in the coming week. - Upside Targets Following the retracement, the price is expected to move higher towards the target zone of 1.73500 to 1.73800 . This projection is based on the bullish momentum observed and the reaction at the order block. Additional Observations - Range Equilibrium he price action seems to be trading within a defined range, and the equilibrium point is considered for potential mean reversion trades. - Market Sentiment The overall sentiment appears bullish given the break of market structure, reaction at the order block, and the anticipation of higher price targets. Conclusion This GBP/CAD chart analysis suggests a bullish outlook with an expected retracement to the 1.72300 level, followed by a potential move towards higher targets around 1.73500 to 1.73800 . Key technical levels such as the OTE , BMS , and order block support this view, indicating a well-structured trading setup for the upcoming sessions.
Long
by abinvestor24
1
GBPCAD SELL | Idea Trading AnalysisThe price has recently reached a strong resistance zone, noting previous sell-offs in that area. It appears that we may see more sideways movement GBPCAD is near the resistance, where price dropped before. We expect a bearish move from the confluence zone. Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great SELL opportunity GBPCAD I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝
Short
by TheGrove
6
GBPCAD SELL | Idea Trading AnalysisThe price has recently reached a strong resistance zone, noting previous sell-offs in that area. It appears that we may see more sideways movement GBPCAD is near the resistance, where price dropped before. We expect a bearish move from the confluence zone. Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great SELL opportunity EURJPY I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝
Short
by TheGrove
4