Forex Trading Money Making | GBP/CAD Forex pair | Trading signals #6

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded Great British Pound / United States Dollar Forex pair with a Tools Trades signal, if you missed it, make sure to check it out!

Today our Forex pair of choice is going to be the Great British Pound / Canadian Dollar, while this isn't the most popular pair that we can trade at the moment, I wanted to see how much profit we can make on such pairs using trading signals.

Our broker for this trade is going to be IQ Option, for now, they are my go-to trading platform, I have had the best trading experience with them and I highly recommend that you give them a chance if you haven't already.

Let's take a look at our Fundamental analysis in the form of the Economic calendar.

Today we have nine events that are going be affecting the market and as most of them are going to have a moderate impact in general, we are going to be picky when it comes to trading and closing our trade. We don't want to overstay our welcome with this pair, so we are going to be looking at a nice in-and-out.

The events that we should be watching out for are:

1. Flash Manufacturing PMI (GBP)

2. Flash Services PMI (GBP)

3. Core Retail Sales m/m (CAD)

4. Retail Sales m/m (CAD)

Flash Manufacturing PMI (GBP) - This is a monthly released report that shows us the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry. As a leading an indicator of economic health, this report is most definitely going to have a big impact on the market.

Flash Services PMI (GBP) - Another monthly released report, this one shows us the level of a diffusion index based on surveyed purchasing managers in the services industry; Likewise the Flash Manufacturing PMI, this one is going to sway the market so make sure to watch out for it.

Core Retail Sales m/m (CAD) - A monthly report from Statistics Canada, it is about automobile sales. They account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends;

Retail Sales m/m (CAD) - Another monthly report from Statistics Canada, this one tells us the change in the total value of sales at the retail level; It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity. Taking that in consideration this is going to be one of the major reports we are going to be looking at.

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If we look at the Technical analysis we can see that the indicators are not in perfect synergy, as both Oscillators are pointing us in the buying direction, while the Moving Averages are telling us that a selling position would be more efficient.

Considering we don't have enough data to make a strong decision, we are going to look at the chart below and try to see if we can dig up some more helpful information.

Looking at the chart above we can see a huge dip in the market. A strong bearish trend has been present, yet there was some resistance, to me, this implied that we can expect to see a bullish trend soon. However, the Technical analysis in its essence is telling us that high volatility should be expected.

Now we are going to get a signal from Tools Trades and hope that it provides us with enough information so that we can jump into a trade with confidence.

The signal we obtained from Tools Trades has pointed us as well in a buying direction, and that is indeed the call we are going to make while keeping in mind that we are to expect the volatility of the market.

Using the Technical and Fundamental analysis in combination with the trading signal from Tools Trades made us 678.09$!

It is always a good idea to keep your trades short and sweet if you know the market is volatile. You can still make a decent profit, just make sure to not let yourself become overcome with greed.

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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