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5/2 -- Entry lowered to 1.8400, Triggered, Set target at 1.8375
GBP/CAD Big Trade Orders
Place Order to Sell GBP/CAD at 1.8410
Stop at 1.8610
Fundamentally we’ve seen strong gains in sterling and the Canadian dollar but recent economic reports show more underlying strength in the Canada vs. U.K. economy. Canadian retail sales are up, consumer prices increased, manufacturing activity accelerated, over 40k jobs were created in the month of March and the unemployment rate dropped to 7.1% from 7.3%. The U.K. in contrast has reported mostly weaker economic reports ranging from lower retail sales, employment and industrial production. So the downtrend in GBP/CAD should reman intact. Technically, GBP/CAD is one of our most successful ValueTrader currency pairs with only 1 loser this year. This strategy identifies ideal entries in the direction of the trend.
Canadian GDP numbers are scheduled for release on Friday and given the rise in retail sales, we believe the risk is to the upside for the report.