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Greg's Trend of the Day - GBP/CAD

Greg's Trend of the Day - GBP/CAD

2009-10-09 16:59:00
Gregory McLeod, Currency Analyst
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On the back of strong Canadian employment data and the price of oil back above $70.00 a barrel, the CAD can do no wrong especially when the weaker U.K. economy is concerned. Mix in a strong downtrend that has gained momentum since July of this year and you have GBP/CAD making a new 9-month low. There is nothing fundamentally or technically stopping this pair from moving lower. Use a lower time frame like a 4-hour chart to find a good entry near resistance.

GBPCAD new 9month low

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