-
GBPCAD Rockets to New Seven-Year High
The Canadian dollar has sold off aggressively to start the week, and that’s putting it nicely. With this weakness of course comes strength in pairs such as USDCAD and GBPCAD. I mentioned the potential for a USDCAD breakout on Monday which was confirmed during yesterday’s session. At the same time GBPCAD also confirmed a breakout scenario with fresh multi-year highs. The close at 1.9617 puts the pair firmly above the previous seven-year high at 1.9555. Basic technical analysis tells us that this level should now become support, which offers two ways to approach a long opportunity. The more aggressive trader can ... (full story)