Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Retail Sales for October are predicted to increase by 0.1% monthly and by 4.2% annualized. Forex traders can compare this to UK Retail Sales for September, which increased by 1.5% monthly and 4.7% annualized. UK Core Retail Sales for October are predicted to increase by 0.1% monthly and by 5.9% annualized. Forex traders can compare this to UK Core Retail Sales for September, which increased by 1.6% monthly and by 6.4% annualized. UK Public Sector Net Borrowing for October is predicted at £29.50B. Forex traders can compare this to UK Public Sector Net Borrowing for September, reported at £35.37B.
Canadian Retail Sales for September are predicted to increase by 0.2% monthly, and Canadian Core Retail Sales are predicted to increase by 0.2% monthly. Forex traders can compare this to Canadian Retail Sales for August, which increased by 0.4% monthly, and to Canadian Core Retail Sales, which increased by 0.5% monthly.
The forecast for the GBP/CAD remains bullish after this currency pair surged out of its Ichimoku Kinko Hyo Cloud. Following the breakout, the Tenkan-sen is trending higher, adding bullish momentum, but the Kijun-sen ended its advance. The CCI moved out of extreme overbought territory and has more upside potential from present levels. Can bulls gather more strength to push the GBP/CAD into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/CAD remain inside the or breakout above the 1.7310 to 1.7410 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.7355
- Take Profit Zone: 1.7590 – 1.7675
- Stop Loss Level: 1.7255
Should price action for the GBP/CAD breakdown below 1.7310 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.7255
- Take Profit Zone: 1.7065 – 1.7110
- Stop Loss Level: 1.7310
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