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GBP/CAD will be volatile

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Trade idea

SELL 1.6490; TP 1.6430; SL 1.6510

BUY 1.6580; TP 1.6680; SL 1.6560

GBP/CAD made a huge leap to the upside yesterday and got above 1.65, but arrived at the resistance line from May. The odds are that Friday will once again bring the pair in motion: the market awaits Brexit-related news, while Canada will publish important labor market figures at 15:30 MT time.

The return below 1.6500 will open the way down to 1.6430 (100-day MA) and potentially to 1.6300 (September-October support line). This will happen if no signs of Brexit agreement come through and if Canadian figures surpass the weak forecast. On the other hand, the rise above yesterday’s high (1.6575) will open the way up to 1.6685 (September high).

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FBS Analyst Team

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