GBPCAD - STEEP ASCENDING CHANNEL APPROACHING DEMAND ZONE

GBPCAD appears to be in a strong upward move suggesting a possible test of the demand zone around the 2.0350 level. The channel is relatively steep reflecting the impulsive move after this morning's Bank of Canada statement implying weakness in the Canadian economy. The sensible approach is to wait for price to reach that level to see what will transpire. The more aggressive approach would be to take a long position at the current price targeting the demand zone or possibly wait for a likely retracement to the 2.0200 for a better entry.


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