We have outlooked several promising Forex pairs and the result can surprise you!
GBP/CAD keeps plummeting
Information is not investment advice
The British pound continues its broad decline. No matter what the economic figures from the UK look like, the GBP is under the heavy weight of Brexit. Cross-party Brexit talks collapsed, more and more people talk about the likely resignation of the Prime Minister Theresa May and the increasing risk of a no-deal Brexit. The European Parliamentary Election may hurt the sterling even more if the Conservative party’s result is bad. The dismal fundamentals can make the GBP decline without significant pullbacks.
The Canadian dollar, on the other hand, is supported by higher oil prices after the OPEC signaled that it will likely maintain production cuts.
Last week we recommended selling GBP/CAD and the pair has moved below our target of 0.7200. The pair still isn’t oversold, so the further decline is possible. GBP/CAD is currently trading around the 100-week MA at 1.7111. The close below 1.7147 (200-day MA) on Friday is a bearish sign. The 61.8% Fibo provides some support at 1.7050. The fall below it will open the way down to 1.6855 (78.6% Fibo). If there’s a pullback to the upside, the pair will meet strong resistance at 1.7340 and 1.7475.
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus