MUFG trade of the week: Short GBP/CAD

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MUFG Research added a short GBP/CAD position to its TOTW portfolio, while maintaining a long USD/SEK position.
MUFG added a short GBP/CAD targeting a move towards 1.63, with stop at 1.07050.</p><p>MUFG also maintains a long USD/SEK targeting a move towards 11.450, with a stop at 10.650.
</p><p>"We are recommending a new short GBP/CAD trade idea ahead of [this] week's BoE policy meeting. The pair is currently trading just above support from the 200-day moving average that comes in at around 1.6740. A break below would open the door to a further fall back towards the lows from earlier this year closer to the 1.6000-level," MUFG notes.</p><p>For bank trade ideas, <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&amp;source=gmail&amp;ust=1695146494368000&amp;usg=AOvVaw38QQbIFKF8sf0iFcANBaGL">check out eFX Plus</a>. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&amp;source=gmail&amp;ust=1695146494368000&amp;usg=AOvVaw38QQbIFKF8sf0iFcANBaGL">Get it here</a>.

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This article was written by Adam Button at www.forexlive.com.