GBPCAD Opportunity Presenting Itself Just have to be patientAs we navigate these pairs, it’s important that we take our time to thoughtfully develop our strategy. Currently, our time frames are aligned; however, we do need to see the price on the 4-hour chart turn bearish. This movement will help guide the price back to the daily area of interest (AOI).
Once we observe the price shifting back to a bullish trend, we will patiently await a pullback on the 4-hour chart. This will provide us an opportunity to analyze the lower time frames for a sign of strength (SOS) before proceeding with our trade. It’s essential to remember that exercising patience often yields the best results, and a more measured approach can lead to success.
GBPCAD trade ideas
GBPCAD Wave AnalysisGBPCAD price will move in a downward direction according to the price chart to complete wave E.
Enter the trade around price: 1.80422
Stop loss: 1.82041
Take profit: 1.74477
This offer has a risk/reward ratio of around 3.5
Make sure to involve less than 2-3% of your total capital and adhere to the principles of money management
This is just a suggestion for consideration
Bearish drop?GBP/CAD has reacted off the pivot and could drop to the 1st support which has been identified as an overlap support.
Pivot: 1.7923
1st Support: 1.7827
1st Resistance: 1.7999
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
GBPCAD: Important Breakout 🇬🇧🇨🇦
GBPCAD broke and closed above both a significant daily horizontal resistance
and a falling trend line.
The broken structure compose an expanding demand zone now.
The market has a great potential to continue rising.
Next resistance - 1.8
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Bullish momentum to extend?GBP/CAD is falling towards the support level which is an overlap support and could bounce from this level to our take profit.
Entry: 1.7856
Why we like it:
There is an overlap support level.
Stop loss: 1.7759
Why we like it:
There is a pullback support level that aligns with the 38.2% Fibonacci retracement.
Take profit: 1.8009
Why we like it:
There is a pullback resistance level that aligns with the 78.6% Fibonacci retracement.
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#GBPCAD 1HGBPCAD 1-Hour Analysis
The GBPCAD pair is trading within a rising wedge pattern on the 1-hour chart, which is typically a bearish continuation or reversal signal. The narrowing price movement suggests weakening bullish momentum, creating a potential setup for a sell position if the price breaks below the wedge’s support line.
Technical Outlook:
Pattern: Rising Wedge
Forecast: Bearish (Sell Opportunity)
Entry Strategy: Enter a sell position on a confirmed breakdown of the wedge’s support line.
Traders should look for confirmation such as bearish candlestick patterns (e.g., a strong bearish engulfing candle) or indicators like RSI showing divergence or overbought conditions. Set stop-loss orders above the wedge resistance and target lower support levels for potential profit.
Bearish drop?GBP/CAD is reacting off the pivot which is a pullback resistance and could drop to the 1st support which acts as a pullback support.
Pivot: 1.7851
1st Support: 1.7655
1st Resistance: 1.8006
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Downward continuation Pound Cad will continue to the downside if price action remains under 1.7800. A break above this mark and the bearish channel, may alter the selling momentum. Continued stability, under the above mark, the pair may likely drop and regain some bullish pressure on the nearby lows as support.