Daily Forex Update: GBP/CAD

Published 03/08/2013, 02:40 AM
Updated 03/09/2019, 08:30 AM

As is visible from the following trade opportunity alert for GBP/CAD, the pair is currently moving inside the Ascending Triangle chart pattern identified by Autochartist on the 4-hour charts. GBP/CAD is expected to continue the upward movement in the direction of the target level 1.5655 in the following 3 trading days. This target level (point B on the chart below) is the last downward reversal point of the upper resistance trendline of this Ascending Triangle. Autochartist sets the stop-level for this advance at 1.5399 (point A below). This stop-level stands near the strong support level 1.5400 (which had previously reversed the pair sharply up in September of 2011). The proximity of this support level adds to the likelihood that the pair will reach the target level 1.5655 in the next 3 trading days.
<span class=GBP/CAD" title="GBP/CAD" width="600" height="338">
The following daily GBP/CAD chart shows the longer-term picture of this currency pair’s movement:
<span class=GBP/CAD Daily" title="GBP/CAD Daily" width="596" height="660">

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.