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Our free forex signals service trade today is a buy order on the GBP/CAD pair.

The GBP/CAD pair dropped in the short term but this could be only a temporary one. It could test and retest the immediate support levels before resuming its growth.

As you already know, the Bank of Canada maintained its monetary policy in the January meeting. The Overnight Rate remained at 0.25%. Still, the BOC could take action and could hike rates in the upcoming meetings.

In the short term, the GBP/CAD pair moves somehow sideways in the short term. A new higher high may signal potential further growth.Now, it tries to test and retest the immediate support levels.

3 Free Forex Every Week – Full Technical Analysis

UK CBI Realized Sales 11 Points Expected

Today, the United Kingdom CBI Realized Sales indicator could rise from 8 points to 11 points. Also, the US Advance GDP, Durable Goods Orders, Unemployment Claims, and the Pending Home Sales may have an impact on the Canadian dollar. 

From the technical point of view, the GBP/CAD retests the broken downtrend line. Staying above it may signal a new leg higher. The downtrend line represents a trigger line, a valid breakout above it indicates a reversal. 

Free forex signals – BUY GBP/CAD at 1.7093

free forex signals

Free forex signals entry price and takes profit

Instrument: GBP/CAD

Order Type: BUY STOP

Entry price: 1.7093

Stop Loss: 1.6962

TP1: 1.7316

My Risk: 1%

Risk / Reward Ratio: 1:1.7

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