In our recent report about the GBP/CAD currency pair we recommended buying the pair and the prices already hit our target at 1.6535 in just one day to make a profit with +180 pips. Thn we came out of the market from this pair until today, and now we have another chance to make profits.
The pair was trading inside a descending price channel from this year’s high at 1.7850 but is now at 1.6163. Last Friday the pair broke the key support level at 1.6223, closed below it and retested it yesterday, then closed below it again, so it may lead the prices to further lows to the next support level. The moving average is still trading above the pair so it is a sign for the downside direction of the price. The MACD bars are still below zero level in a sign for the negative movement in the next days.
The Next Few Days
After we saw the prices closed two daily candles below the support level at 1.6223 we can sell it now at the current price at 1.6155 and keep our first target at 1.5927, with a second one at 1.5744. We should set our stop loss for this trade if the pair closes a single candle above 1.6223.
This week the market has some hot news like the second estimate for the GDP from the UK on Thursday and the retail sales today from Canada.
