Monday, April 13, 2015

GBPCAD Buy Recommendation April 14th 2015

Currency Pair: GBPCAD
Timeframe: Hourly Chart (H1)
Recommendation: Buy GBPCAD @ 1.8450
Take Profit @ 1.8700
Stop Loss @ 1.8350

I think the recent dip back inside of support should be taken as a good entry opportunity. The British Pound became way oversold and the Canadian Dollar has plenty of weakness ahead and remains very fragile.

Look for a nice short-covering rally and go long anywhere between 1.8365 and 1.8450. I am looking to close this long position around the 1.8700 level, but that could change depending on fundamental factors and the strength of the rally.


 PaxForex

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