GBPCAD maintains a bullish year and is poised to re-test 2020 highs. 1.80 is the next key resistance level.

Join me as I share my first analysis and trade plan for the GBPCAD cross pair.

There are 2 high impact economic reports in the United Kingdom while 4 in Canada starting on Wednesday this week.

Assessing GBPCAD’s high timeframe candles:

Yearly Candle: A Green Body with a Longer Tail Wick

Monthly Candle: Previous close is a Red Long Upper Shadow current is a Green Body with Equal Wick Lengths

Weekly Candle: Previous close is a Green Long Upper Shadow current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Long-Legged Spinning Top

On the yearly view, GBPCAD bulls just broke 2023’s highs ending a 2-year drought.

Price also is trading within last week’s upper wick territory after initial intraweek opening.

If we use July 17-19’s swing high to low moves as the retracements’ points of view, we can see a new 4H bullish FVG establishing itself keeping the yearly uptrend intact.

From these retracements, 2020 highs is strategy locating at the bullish 2.618 fib extension level.

However, GBPCAD is facing the 1.78 resistance currently and last week’s highs.

If bulls are able to push another move to the upside soon breaking the 1.78 level then it will easily break previous week’s highs.

Otherwise, another rejection to this level will challenge the nearby 4H bullish FVG.

In today’s trade plan, I like to enter a long position at the current 4H candle anticipating or betting a 1.78 breakout which targets the 1.80 level while putting a strict stop loss just below the 4H bullish FVG’s complete retracement.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

I hope I’m right in what I’m seeing that GBPCAD is likely to extend its yearly uptrend towards the mentioned targets.

All trade ideas I share are my own views and for my own trades only.

GBPCAD Intraday Analysis and Trading Plan For July 23, 2024

Jul 23 2024

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