Trading Idea GBPCAD 12th January 2016

GBPCAD forex trading idea

Attention! Posts are commentary only, NOT SPECULATION/INVESTMENT ADVICE. It’s only for education purposes, doesn’t offer to trade.

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GBPCAD – looking for a long (buy) setup

Last week the pair closed with solid gains and currently is located under a 2.0000 level. Based on Fibonacci retracement, the price has securely held under 50% level for some time indicating relative resilience. Another point to bear in mind is that GBPCAD closed with a bullish candle last month. I would also like note that the price consolidated for several months in a range and stopped going down, so we can expect some movement up.