Tag Archive GBPCAD

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, Binary Options and Forex trading can 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. 




Taking Profit on GBPCAD before a downturn




We went in to the trade to profit on the GBPCAD with possible strength gain for the trade, however with recent news about the unlikely rate hike at the BoE on Thursday, this may mean the GBP weakening.

We had a long position in an area of buyers around the 17400 mark, we could have waited for the retracement to complete at the area of sellers at around the 18000 area, however with news due out later today on the UK  10-year bond auction and the BRC Retail Sales Monitor looking like a reduction in the value of same-store sales the GBPCAD might not manage to reach the mark.

Instead we took our profit before the downturn continues.

gbpcad

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

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*Please Note, Binary Options and Forex trading can 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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