Trading GBP/CAD
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Trade ideas
SELL 1.7015; TP1 1.6960; TP2 1.6925; SL 1.7040
BUY 1.7115; TP1 1.7170; TP2 1.7240; SL 1.7090
Today the Bank of England will announce its statement at 15:00 MT time. Although it’s hard to imagine positive comments for the GBP, anything can happen.
If you want to make use of the volatility related to the pound, you can pick a pair that is not mainstream like GBP/CAD. It came to the resistance line (1.7095) for the third time. There’s room for correction to 1.6960/25 area if the pair slide below 1.7015. On the other hand, an increase above 1.7115 is needed to open the way up to 0.7240. The main scenario is bearish.
