Chapter 3 Is GBPCAD In the daily chart pullback?
10/07/2023
Summary
Canada's interest rate decision leads the market
Fundamental analysis
Fundamentally in this pair, We Will witness data release Tomorrow in the United Kingdom regarding the unemployment rates with negative expectations with no change at 3.8% This will give weakness for the GBP On the other hand we have coming data release in Canada interest rate decision with market expectation to increase to 5% which that will provide strength to the CAD.
U.K. ILO Unemployment Rate
Prev.: 3.8%
Fcst: 3.8%
Canada BoC Interest Rate Decision
Prev.: 4.75%
Fcst: 5%
Technical analysis
In this 4-hour diagram chart, the market price now is 1.69984, we expect the market to move down slowly and Steady to the old supply zone at 1.69500 which is now changed to become a demand zone Waiting for the 20 moving average to curve down and from that point market will breakout this demand zone and push more down to the oldest demand zone at 1.67900 with 20-moving average pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 1.69446
Target Price: 1.67856
Stop Loss: 1.70373
