GBP/CAD Spread Betting
Where Can I Spread Bet on GBP/CAD? |
At the moment, investors are able to financial spread bet on GBP/CAD, plus a variety of other spread trading markets, through providers such as:
Advert:
GBP/CAD Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on GBP/CAD with
Financial Spreads.
|
Where Can I Spread Bet on GBP/CAD for Free? |
Speculating involves an element of risk, however, if you'd like to open a Practice Account, where you can trial spread trading on a variety of markets, then see below.
When deciding which trading option might work for you, don't forget that spread betting, in the UK, is free of stamp duty, income tax and capital gains tax*.
If you want a free online spread trading platform, you should note that investors can spread bet on GBP/CAD with no commissions or brokers' fees through companies like:
If you want a virtual money Practice Account which lets you get to grips with spread betting, and speculating on markets such as the DAX 30, crude oil and GBP/CAD, then you could always have a closer look at:
All of the above spread betting companies currently provide a Demo Account which lets users review professional charts, test theories and gain experience with a range of orders, e.g. stop losses and trailing stop losses.
Where Can I Find Live Spread Betting Prices and Charts for GBP/CAD? |
The interactive CFD chart below offers readers a helpful view of the GBP/CAD forex market.
The above chart is provided by Plus500 and is normally based on the underlying GBP/CAD futures market (not the spot price).
If you want access to financial spread betting prices and charts for GBP/CAD, you might need a financial spread betting account.
You can also use a spreads account to trade shorter-term spot markets. Opening such an account is subject to credit, suitability and status checks.
Should your application be accepted, you can log on and study the prices and live charts. Usually, these will be provided as part of the service. Having said that, you might receive the odd sales call or email from the relevant spread betting company.
Of course, if you do decide to trade then, before starting, remember that spread betting and contracts for difference do involve a significant level of risk to your capital and you can lose more than your initial investment.
Advanced Charts for GBP/CAD |
Though the charts can differ from platform to platform, in order to assist you with your technical analysis, the charts generally come with valuable features, including:
- A broad variety of time periods - 15 minutes, 1 hour, 1 week and so on
- Various display options - line and candle charts
- Drawing options - Fibonacci Arcs, Fans and Time Zones
- Indicators and overlays - MACD, Chaikin's Volatility and so on
The charts with Inter Trader also include:
- BackTesting and Analysis functions
- Email notifications for when a market reaches a given price
Example FX market chart
The spread betting firms in the list below let their account holders have access to live trading prices/charts:
How to Spread Bet on GBP/CAD? |
As with a wide variety of global financial markets, investors can place a spread bet on currency rates, such as GBP/CAD, to rise or fall.
Looking at a spread betting website like Inter Trader, you can see they are showing the GBP/CAD Rolling Daily market at C$1.56216 - C$1.56316. This means you can spread bet on the GBP/CAD pair:
 Moving higher than C$1.56316, or
 Moving lower than C$1.56216
When spread trading on GBP/CAD you trade in £x per point where a point is C$0.00010 of the pairs movement. As a result, if you invested £3 per point and GBP/CAD moves 26.0 points then there would be a difference to your P&L of £78. £3 per point x C$0.00260 = £3 per point x 26.0 points = £78.
Rolling Daily Foreign Exchange Markets
One important thing to note is that this is a 'Rolling Daily Market' and therefore there is no set closing date for this market. If you leave your position open at the end of the day, it simply rolls over to the next session.
If your FX bet is rolled over then you will normally be charged a small financing fee. For a fully worked example see Rolling Daily Spread Betting.
GBP/CAD Rolling Daily - FX Spread Trading Example |
Now, if you think about the above spread of C$1.56216 - C$1.56316 and assume:
- You've completed your research, and
- Your research suggests the GBP/CAD rate will move above C$1.56316
Then you could decide that you are going to go long of the market at C$1.56316 and invest £2 per point.
So, you gain £2 for every point (C$0.00010) that the GBP/CAD rate moves higher than C$1.56316. However, such a bet also means that you will make a loss of £2 for every point that the GBP/CAD market decreases below C$1.56316.
Considering this from another angle, should you buy a spread bet then your profit/loss is worked out by taking the difference between the final price of the market and the initial price you bought the market at. You then multiply that difference in price by the stake.
As a result, if after a few sessions the currency rate moved higher then you might want to close your spread bet so that you can guarantee your profit.
So if the market increased then the spread, determined by the spread betting company, might change to C$1.56941 - C$1.57041. To settle/close your trade you would sell at C$1.56941. So, with the same £2 stake you would make:
Profit / loss = (Final Level - Initial Level) x stake
Profit / loss = (C$1.56941 - C$1.56316) x £2 per point stake
Profit / loss = C$0.00625 x £2 per point stake
Profit / loss = 62.5 points x £2 per point stake
Profit / loss = £125.00 profit
Speculating on FX, by spread trading or otherwise, may not go to plan. With this example, you wanted the FX pair to rise. Nevertheless, the currency rate can also fall.
If the GBP/CAD market weakened, against your expectations, then you might decide to settle/close your trade in order to limit your losses.
So if the market fell to C$1.55613 - C$1.55713 then you would settle your spread bet by selling at C$1.55613. That would mean you would make a loss of:
Profit / loss = (Final Level - Initial Level) x stake
Profit / loss = (C$1.55613 - C$1.56316) x £2 per point stake
Profit / loss = -C$0.00703 x £2 per point stake
Profit / loss = -70.3 points x £2 per point stake
Profit / loss = -£140.60 loss
Note - GBP/CAD Rolling Daily spread betting price correct as of 11-Sep-12.
Advert:
GBP/CAD Spread Betting, sponsored by FinancialSpreads.com.
You can spread bet on GBP/CAD with
Financial Spreads.
|
Risk Warning: Spread betting and CFD trading carry a high level of risk to your capital and you may lose more than your initial investment. Spread betting and CFD trading may not be suitable for all investors. Only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved and seek independent financial advice where necessary.
'GBP/CAD Spread Betting' by DB, updated 09-May-13
For related pages also see:
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AUD/USD Spread Betting, updated 24-May-13
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