GBPCAD / H4 / Daily Forex Technical Analysis / 5.7.2019

7 May 2019

Hello Traders, welcome to the Daily Forex technical analysis. Today is May 7th, 2019 and we will be taking a look at the British Pound against the Canadian Dollar. Taking a look at the 4 hour time frame, price action had a nice bullish move off the 1.75343 support area and is now currently retracing back towards it. We're going to be targeting the 1.75343 support area for another possible bullish move off of it, if we get lucky enough to see a retracement back to that area. If we do get an opportunity, entry for a Long position near the 1.75349 area, with a Stop Loss near the 1.74943 zone, targeting our profit level area of 1.76558 to possibly ensure a profitable trade with a 2.98 to 1 R/R.