GBP/CAD: THE SESSION TOWARDS HIGH PLACE THIS TIME.

Overview: GBP/CAD is Forex ticker that shows the value of the British pound against the Canadian Dollar, telling traders how many CAD are needed to buy the pound. The GBP/CAD rate is heavily influenced by the performance of the US Dollar and EURO and related economic and political events. the pair is making higher highs in this session following a strong buy in the market. Even after the multiple attempts by bears, bulls find their space in the market and traveling with the strong upward force .bulls are now playing at the front foot level. The pair is climbing this morning. the Canadian dollar has still hit this morning’s reactions to weekend coronavirus development. Pair give a strong performance of bullishness. CAD is being driven by coronavirus and oil prices development this week already. Further development in this area is likely to lead to further market movement. The price is rising higher so we suggest buyers to make profit.

Technical analysis: From the technical point of view the market is making the higher swings and rising towards the higher side in market . The market is making the higher sides and travelling towards the north side. The bulls are showing their positive momentum this time. The sentiments of the buyers should stay on the buy-side and following trends in the market. The bulls are attacking the market and ready to give profit now. On the basis of daily chart market is upward movement. The price pattern and indicators are also following the uptrend in the market. The market is creating the golden crossover as it gives more confirmation of the bullish pattern in the market 50 EMA crossing over 200 SMA. The market will lead to rising within the coming interval. On the 4 hourly chart market is creating higher swings and again we can say the market is headed towards the uptrend market. RSI is also raising above the 30 line as it creates a strong rise in the market as well as MACD also trade above the zero line buy signals formed.

The current status of the market is 1.7401. The support of the market is 1.7281 followed by 1.7281 and resistance is 1.7551 followed by 1.7631.

Trade idea: Based on chart and studies above we can say that traders should  go for buy 1.7402 target will be 1.7602 -1.7702. Stop loss will be 1.7252.

 

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