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.
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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 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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