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TheForexFellows

GBP/CAD - buying opportunity with strong GBP momentum

Long
British Pound / Canadian Dollar (FX:GBPCAD)  
TheForexFellows  
FX:GBPCAD   British Pound / Canadian Dollar
Trend Analysis Trend Lines Technical Indicators GBPCAD gbpcadlong gbpcadanalysis gbpcadforecast forexforecast forexsignals forexsignal forexanalysis gbpcadbuy
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trendanalysis trendline indicator gbpcad gbpcadlong gbpcadanalysis gbpcadforecast forexforecast forexsignals forexsignal forexanalysis gbpcadbuy
GBP/CAD has been trading within a respected weekly trend channel since Late-2019. The last touch of this trend channel was on the lower boundary with current expectations now that price will return to the upper boundary. Price has been consistently trading above the 50 and 100 DAY EMA and the posting of an extremely bullish weekly candle last week means that we are looking for long positions this week.

With the current bullish momentum for the British Pound we are expecting at least a re-test of the strong resistance at 1.7718. If price holds above this level a good secondary target would be 1.8040.
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