Our free forex signals service trade today is a buy order on the GBP/CAD pair. The GBP/CAD pair dropped a little in the short term after registering an amazing rally.
The current retreat could be over soon, so we could still search for new long opportunities. The price could turn to the upside if it stands above the immediate support level represented by the weekly pivot point of 1.6977.
3 Free Forex Every Week – Full Technical Analysis
Yesterday, the UK Rightmove HPI increased by 1.8% versus 0.3% growth registered in the previous reporting period. The Canadian Housing Starts come in worse than expected being reported at 251K in September below 265K expected and versus 263K in August. The Foreign Securities Purchases were reported better than expected.
Canadian and UK Inflation
In the short term, the GBP/CAD pair could move sideways. Tomorrow, Canada and the UK will release their CPI and Core CPI figures, the inflation data. These economic figures could be decisive. You should be careful as the volatility could be high around these high-impact figures.
From the technical viewpoint, the price has slipped lower after registering a strong rally through the descending pitchfork’s median line (ML). It has failed to retest this broken upside obstacle signaling strong buyers. As you can see, the GBP/CAD pair has found support on the weekly pivot point (1.6977). A valid breakout through the immediate downtrend line may signal further growth.
Free forex signals – BUY GBP/CAD at 1.7028
Free forex signals entry price and take profit
Instrument: GBP/CAD
Order Type: BUY STOP
Entry price: 1.7028
Stop Loss: 1.6953
TP1: 1.7143
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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