The GBPCAD currency pair is on the edge of a cliff

  • May 16 2022
  • by
  • Analyst AZA
The GBPCAD currency pair is on the edge of a cliff

The GBPCAD currency pair is on the edge of a cliff

The Canadian dollar has been stronger than most currencies in the forex market in recent days. Quotes of currency pairs that are traded with CAD have noticeably moved. The price of the GBPCAD pair tested the support level of 1.5775 for strength and bounced up from it. But the bears are still trying to lower quotes below this level. The strategy for trading is to open a short position as soon as this support level is broken. You can take profits at the next strong support level of 1.5735, which is 40 pips from the entry point. But some traders can wait for this level to be broken beyond which there is no support and the price may fall very much down.

Symbol: GBPCAD
Order Type: Pending Order - Sell Stop
Entry Price at 1.5775
Take Profit at 1.5735
Pips Earning: 40

Forex strategy day trading:
EURUSD sell at the price of 1.0348
USDJPY sell at the price of 129.65
XAUUSD sell at the price of 1798.00
USDCHF buy at the price of 1.0050

The result of a trading recommendation.

The result of a trading recommendation for GBPCAD currency pair

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The profit can be $314.96 if the trading volume of 100000 GBP (1 Lot).


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