MUFG trade of the week: Staying short GBP/CAD and long USD/SEK

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MUFG trade of the week: Staying short GBP/CAD and long USD/SEK

MUFG maintains a short GBP/CAD targeting a move towards 1.63, with stop at 1.07050. MUFG also maintains a long USD/SEK targeting a move towards 11.450, with a stop at 10.650.

"We are maintaining our short GBP/CAD trade idea. The trade recommendation got off to a good start this week resulting in GBP/CAD breaking further below the 200-day moving average at around 1.6735," MUFG notes.

"We are maintaining our long USD/SEK trade idea. It has been a volatile week for the SEK but recent developments are not sufficient to alter our outlook for the SEK to weaken further in the near-term," MUFG adds.

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

Source: MUFG trade of the week: Staying short GBP/CAD and long USD/SEK

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