GBPCAD Buys

8 oct.

On the monthly time frame, GBP/CAD appears to have tapped liquidity and is showing signs of reversing upwards, indicating a potential bullish trend. A rising trend line, respected since April, has been touched more than three times and is currently reacting positively on both the weekly and daily time frames. The last two daily candles have closed bullish, and today’s candle has already broken yesterday’s high. Additionally, the pair is sitting on a support level on the daily chart, further confirming bullish momentum. Given these factors, I’m confident in taking a buy position, targeting the previous high with a risk-reward ratio of 1:1.5, with potential for a higher high later.