GBP/CAD trade idea: riding the bullish momentum
- GBP/CAD retesting major daily support level, and will potentially go up from this level
- Trading signal should last 1-2 weeks with a potential upside of 4.11%
- High impact news due today on USD. However, that will not impact GBP/CAD significantly
Trading idea summary
Copy link to section- Buy/sell asset: Buy GBP/CAD
- Entry price: 1.68606
- Stop loss: 1.68164
- Leverage: 3x
- Take profit 1: 1.69150
- Take profit 2: 1.69800
- Take profit 3: 1.70917
- Timeframe: 1-2 week
- Maximum profit: 4.11%
- Maximum loss: 0.78%
GBP/CAD chart and technical analysis
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GBPCAD has been dropping for the last couple of weeks and the price is reaching a major daily support level at 1.68606. Price will possibly retest the 1.68606 support level before heading for another major upward move.
Price is still Bullish on higher time-frames and the current drop is mainly just a pull-back. This level is a good area for a safe entry for buy trades. A bullish order block around the same area is additional confirmation for potential upward movement ahead.
The price will possibly reach the 1.70917 resistance level before making another drop.
GBP/CAD fundamental analysis
Copy link to sectionHigh-impact news (CPI) is due today on USD, however, it will not impact GBPCAD significantly. There will possibly be volatility for a short period of time, but will not impact the pair significantly.
GPB to CAD trade setup takeaway
Copy link to section- My bias is bullish as price is still strongly bullish on the higher time-frames.
- This entry will possibly get us into nice impulsive move.
- I don’t expect the stoploss to hit, as it is placed considering the possible downside slippage and fake breakout.
- Good luck
