The GBPCAD long trades worked well. After hitting my first target at 2.0546, the price then moved higher and reach my second target at 2.0925. I’m out with full profit from 2 positions.
Original Trade Setup: GBPCAD
Update on First Position: GBPCAD Update (1)
GBPCAD daily chart
GBPCAD 4-hour chart
After adjusting my stops to break-even level at 2.0546, looks like the GBPCAD could maintain its bullish sentiment and go higher. Commodity prices have been grinding lower. Its include oil, one of Canada’s main export. We can see that the Canadian dollar is weakening against other pairs, including the GBPCAD.
Two long position has reached my target and now I’m out with full profit from both positions:
- 1st position: +111.o pips
- 2nd position: +490.0 pips
- Total: +601.0 pips
Overall, it was a good long setup and I’m extremely happy with the result, especially after ‘got hit’ on long AUDNZD and short XAUUSD (Gold). The GBPCAD now stall at the resistance area on the daily. I’m still watching this pair and looking for another opportunity to go long if the price could break-off the resistance level.