31 Aug

GBPCAD Analysis: The British economy is recovering more actively than the Canadian

August 31, 2020

By IFCMarkets.com

The British economy is recovering more actively than the Canadian

British GDP fell 21.7% at an annual rate in the second quarter. Canadian GDP contracted significantly more – by 38.7%. Overall, Britain’s economy fell less and is recovering more actively than Canada’s. In June, UK GDP grew by 8.7%, and Canadian – by 6.5%. Note that the possible success of the Brexit negotiations is a positive factor for the pound, while for the Canadian dollar, there is a risk factor in the possible correction of world oil prices that have been traded in a narrow range over a month

IndicatorVALUESignal
RSINeutral
MACDSell
MA(200)Buy
FractalsBuy
Parabolic SARBuy
Bollinger BandsNeutral

 

Summary of technical analysis

OrderBuy
Buy stopAbove 1,75
Stop lossBelow 1,717

Market Analysis provided by IFCMarkets.com


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