On Wednesday I wrote about the occurrence of a buy signal on GBPCAD. At that moment that position brings profit, which was slightly reduced yesterday after the downward correction. A short-term return of the bears, however, will allow the latecomers to join the upward trend. The price of the pound has been rising against the Canadian dollar since mid-February.
Currently, the price of GBPCAD has gone back to the Kijun area, where a rebound has taken place. If the current four-hour candle ends bullish, it will be a great opportunity to join the upward movement. The target for the position can be set around the resistance from the daily chart slightly more than 1.78. You only need to be careful to achieve an appropriate profit-risk ratio.
