📈 GBPCAD BUY 📈
💰Take Profit 1 - 1.7245
💰Take Profit 2 - 1.7295
💰Take Profit 3 - 1.7345
❌ Stop loss - 1.7065
Here is my analysis of GBPCAD:
The GBPCAD pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 1.7144, and a buy entry point of 1.7165 is just below the recent high of 1.7180.
There are a few reasons why GBPCAD could continue to rise in the near term. First, the GBP is generally seen as a safe haven currency, and it has been strengthening against the CAD in recent weeks as concerns about the Canadian economy have grown. Second, the Bank of England is expected to raise interest rates in July, which would make the GBP more attractive to investors. Finally, the CAD has been weakened by the recent decline in oil prices.
However, there are also some risks to consider before entering a trade on GBPCAD. The forex market is volatile, and there is always the risk of a reversal. Additionally, the economic outlook for the UK and Canada is uncertain, which could impact the price of GBPCAD.
Overall, I think GBPCAD is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal.
Here are some additional factors that you may want to consider before entering a trade on GBPCAD:
The economic outlook for the UK and Canada.
The level of volatility in the forex market.
The price of oil, which is a major export for Canada.
💰Take Profit 1 - 1.7245
💰Take Profit 2 - 1.7295
💰Take Profit 3 - 1.7345
❌ Stop loss - 1.7065
Here is my analysis of GBPCAD:
The GBPCAD pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 1.7144, and a buy entry point of 1.7165 is just below the recent high of 1.7180.
There are a few reasons why GBPCAD could continue to rise in the near term. First, the GBP is generally seen as a safe haven currency, and it has been strengthening against the CAD in recent weeks as concerns about the Canadian economy have grown. Second, the Bank of England is expected to raise interest rates in July, which would make the GBP more attractive to investors. Finally, the CAD has been weakened by the recent decline in oil prices.
However, there are also some risks to consider before entering a trade on GBPCAD. The forex market is volatile, and there is always the risk of a reversal. Additionally, the economic outlook for the UK and Canada is uncertain, which could impact the price of GBPCAD.
Overall, I think GBPCAD is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal.
Here are some additional factors that you may want to consider before entering a trade on GBPCAD:
The economic outlook for the UK and Canada.
The level of volatility in the forex market.
The price of oil, which is a major export for Canada.