GBP/CAD technical analysis: Is the growth of the pair quotes possible?

Dmitry Lukashov IFC Markets

Recommendation for GBP/CAD: Buy

Buy Stop : Above 1,75

Stop Loss : Below 1,717

Indicator	Value	Signal
RSI		Neutral
MACD		Sell
MA(200)		Buy
Fractals		Buy
Parabolic SAR		Buy
Bollinger Bands		Neutral

Chart Analysis

On the daily timeframe, GBPCAD: D1 approached the uptrend support line. It could not break it down and continues to grow. A number of technical analysis indicators generated signals for further growth. We do not rule out a bullish move if GBPCAD rises above its latest high: 1.75. This level can be used as an entry point. We can place a stop loss below the Parabolic signal, the last lower fractal, the lower Bollinger line and the 200-day moving average line: 1.717. After opening a pending order, we should move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop-loss, moving it in the direction of the bias. If the price meets the stop loss (1.717) without activating the order (1.75), it is recommended to delete the order: some internal changes in the market have not been taken into account.

Fundamental Analysis

In this review, we propose to consider the British pound vs. the Canadian dollar. Is the growth of GBPCAD quotes possible? Such dynamics is observed with the weakening of the Canadian dollar and the strengthening of the British pound.

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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