GoldenEngine, a leading financial analysis and trading platform, has recently recommended buying GBPCAD with a target range of 200 PIP in a 4-hour trade for FX:GBPCAD. This recommendation is based on a thorough analysis of the market trends and technical indicators.
GBPCAD is the currency pair that represents the exchange rate between the British pound and the Canadian dollar. The current market conditions suggest that the British pound is likely to appreciate against the Canadian dollar in the near future. This is due to several factors, including the ongoing Brexit negotiations and the strength of the UK economy.
The technical indicators also support this recommendation. The 4-hour chart for GBPCAD shows a clear uptrend, with the price currently trading above the 50-day moving average. The Relative Strength Index (RSI) is also in the bullish zone, indicating that the buying pressure is strong.
Based on these factors, GoldenEngine recommends buying GBPCAD with a target range of 200 PIP in a 4-hour trade. This means that traders should aim to make a profit of 200 PIPs (or points) by buying GBPCAD and then selling it when the price reaches the target range.
It is important to note that trading in the foreign exchange market involves a high level of risk. Traders should always conduct their own research and analysis before making any trades. They should also use appropriate risk management strategies, such as setting stop-loss orders, to limit their potential losses.
In conclusion, GoldenEngine’s recommendation to buy GBPCAD with a target range of 200 PIP in a 4-hour trade for FX:GBPCAD is based on a thorough analysis of the market trends and technical indicators. Traders should conduct their own research and use appropriate risk management strategies before making any trades.
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- Source: Plato Data Intelligence.