GBP/CAD Trade Ideas

Trade idea SELL 1.7020; TP 1.6920; SL 1.7040 As we expected, GBP/CAD met resistance ahead of 1.7285 (100-month MA). On the W1, the pair formed a “shooting star” candlestick with a long upper shadow which closed below both the 200- and 100-week MAs. After such a twist, it’s reasonable to expect that ...

Trade idea BUY 1.7230; TP 1.7280; SL 1.7215 GBP/CAD has been rising since the start of September. In November, it has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area. This week the price is above the 100- and 200-week MAs at 1.71 and 1.7155 respectively....

Trade idea SELL 0.6810; TP 1.6700; SL 0.6835 Last week, the advance of GBP/CAD was contained by the 100-week MA at 1.71. On the D1, the pair closed yesterday below the 200-day MA at 1.6883. The pair has now room for a correction down to 1.6690 (September high) and 1.6640 (38.2% Fibo retracement of t...

Trade idea SELL 1.6490; TP 1.6430; SL 1.6510 BUY 1.6580; TP 1.6680; SL 1.6560 GBP/CAD made a huge leap to the upside yesterday and got above 1.65, but arrived at the resistance line from May. The odds are that Friday will once again bring the pair in motion: the market awaits Brexit-related news, wh...

Trade idea SELL 1.6180; TP 1.6060; SL 1.6205 Times are quite turbulent for the British pound. GBP/CAD has already retraced down 61.8% of the August-September advance. The price is now trying to stick to the 50-day MA in the 1.6230 area. Still, the Canadian dollar looks more attractive than the pound...

Trade idea SELL 1.6100; TP1 1.6060; TP2 1.5980; SL 1.6120 GBP/CAD tried to recover in August, but its progress wasn’t very impressive. A “Dark Cloud Cover” pattern was formed on the W1. The declining 50-day MA is providing resistance at 1.6255. The decline below the last week’s lows in the 1.6135 ar...

Trade idea SELL 1.7045; TP1 1.6980; TP2 1.6855; SL 1.7070 The British pound continues its broad decline. No matter what the economic figures from the UK look like, the GBP is under the heavy weight of Brexit. Cross-party Brexit talks collapsed, more and more people talk about the likely resignation ...

Trade idea SELL 1.7335; TP 1.7200; SL 1.7355 GBP/CAD met the resistance of the 50-month MA in the 1.7765 area. On W1, the pair formed a bearish “dark cloud cover” pattern at the 200-week MA. The pound turned down from this line for the second time this year. This means that there’s significant selli...

Trade idea SELL 1.7620; TP1 1.7535; TP2 1.7445; SL 1.7640 GBP/CAD has been trying to break above the 200-week MA at 1.7735 for 4 weeks. However, for now, the resistance stands, not letting the pair get higher. The pound obviously needs some really cheering news about Brexit to jerk up. We can see th...

Trade idea SELL 1.7400; TP1 1.7350; TP2 1.7230; SL 1.7420 Last week GBP/CAD tried to rise to the 200-week MA in the 1.7750 area but then turned down and closed around 1.7460, below the highs of December and January. The weekly pivot point is at 1.7535, and as long as the pound is trading below this ...

Trade ideas SELL 1.7015; TP1 1.6960; TP2 1.6925; SL 1.7040 BUY 1.7115; TP1 1.7170; TP2 1.7240; SL 1.7090 Today the Bank of England will announce its statement at 15:00 MT time. Although it’s hard to imagine positive comments for the GBP, anything can happen. If you want to make use of the volatilit...

Trading opportunities on the currency pair: On the back of declining oil prices, I’m expecting to see the formation of a W-model with targets of 1.8428 and 1.9150. Buyers may retreat to 1.7436 before breaking through May's high (23% of the growth from 1.5837 to 1.7930) to provide themselves with a s...