📉 GBPCAD SELL 📉
💰Take Profit 1 - 1.6641
💰Take Profit 2 - 1.6591
💰Take Profit 3 - 1.6541
❌ Stop loss - 1.6821
GBPCAD Technical Analysis
The GBPCAD pair is currently trading in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.6721, and a sell entry point of 1.6721 is just below the recent high of 1.6741.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
GBPCAD Fundamental Analysis
The British pound is generally seen as a riskier currency than the Canadian dollar, and it has been weakening against the Canadian dollar as concerns about the global economy have grown.
Second, the Bank of England (BoE) is expected to raise interest rates more slowly than the Bank of Canada (BoC), which could put downward pressure on the GBP against the CAD.
Finally, the UK economy is expected to grow more slowly than the Canadian economy in the near term. This is due to a number of factors, including the ongoing trade tensions with the EU and the war in Ukraine.
GBPCAD Risk Analysis
There are a few risks to consider before entering a trade on GBPCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in GBPCAD.
Second, the BoC is also expected to raise interest rates, which could put upward pressure on the Canadian dollar.
💰Take Profit 1 - 1.6641
💰Take Profit 2 - 1.6591
💰Take Profit 3 - 1.6541
❌ Stop loss - 1.6821
GBPCAD Technical Analysis
The GBPCAD pair is currently trading in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.6721, and a sell entry point of 1.6721 is just below the recent high of 1.6741.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
GBPCAD Fundamental Analysis
The British pound is generally seen as a riskier currency than the Canadian dollar, and it has been weakening against the Canadian dollar as concerns about the global economy have grown.
Second, the Bank of England (BoE) is expected to raise interest rates more slowly than the Bank of Canada (BoC), which could put downward pressure on the GBP against the CAD.
Finally, the UK economy is expected to grow more slowly than the Canadian economy in the near term. This is due to a number of factors, including the ongoing trade tensions with the EU and the war in Ukraine.
GBPCAD Risk Analysis
There are a few risks to consider before entering a trade on GBPCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in GBPCAD.
Second, the BoC is also expected to raise interest rates, which could put upward pressure on the Canadian dollar.