GBPCAD First Trade of the Week

GBPCAD First Trade of the Week

In to the started June with the first trade of the week on GBPCAD.

We had some UK data from the Construction PMI showing perhaps modest improvement within the UK construction activity as we are midway through the second quarter of the year at 52.5 for the month of May.

We also had Services PMI at 54.0 above what was forecast at 52.9 meaning possible industry expansion however in recent months we have seen business volumes continued to rise at a relatively subdued rate and weak customer demand so how long the increase can hold is anyone’s guess.

These result had given the GBP some strength.

With Canadian Labor Productivity q/q out, the last result back in March had been 0.2% which was more than forecast, on today’s expected result some investors could be waiting nervously expecting a further drop in strength for the CAD.

We entered our first trade of the week for the short term given the new releases.

And with possible Sellers at around the 17600 area looking to short, we didn’t want to hang around for long.

So still managed a nice profit of £153.80 for the fund.

first trade

(Our trading and image was done using an account with UK based broker IG)

*Please Note, Forex and other forms of trading carry a high level of risk to your capital as you could lose all of your investment. These products may not be suitable for every investor, therefore ensure you understand the risks and seek independent advice. Invest only what you can afford to lose. We are NOT financial advisers and we do NOT offer financial advice. 


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