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September 01, 2020 1:43pm
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GBP/CAD trade idea: riding the bullish momentum

By: Invezz
Trading idea summary
  • 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

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

High-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
  • 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

The post GBP/CAD trade idea: riding the bullish momentum appeared first on Invezz.

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