Chapter 27 Is GBPCAD keep going up?
12/04/2023
Summary
Canada's unchanged interest rate decision leads the market
Fundamental analysis
Fundamentally on this pair of GBPCAD, we have high-impact news data that has been released in Canada's unchanged interest rate decision leads the market at 4.5% this result will make the Canadian dollar weaker on the other hand tomorrow we have high-impact news in the United Kingdom 3 Month GDP Estimate with the neutral expectation which will keep the GBP strong.
Canada's interest rate decision
Previous 4.5%
Actual 4.5%
UK 3 Month GDP Estimate MoM
Previous 0%
Expected 0%
Technical analysis
In this 1-hour diagram chart, the market price now is 1.67767, we expect the market to push the price up to the previous supply zone at 1.68000 and then expect the price to break this supply zone and pull back to it from there we expect the price to push stronger to the upside to oldest supply zone at 1.96000 creating channel up with the higher low and higher high formation with 20 moving average pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.67987
Target Price: 1.68980
Stop Loss: 1.67475
