GBP/CAD News and Forecast of the week

Moving money is becoming less expensive and more convenient, particularly in this age of cryptographic digital currencies, which are often referred to as cryptocurrency. However, due to the digital nature of cryptocurrencies, not just any wallet can be used to store and manage the digital assets.

Are you curious in how to use cryptocurrency wallets and what the various types of cryptocurrency wallets are? Continue reading to discover out...

Images of cryptocurrency wallets and other digital assets

Foreign exchange experts at ForexAdvisor are dedicated to provide honest and impartial information about the various service providers in the cryptocurrency sector. Choosing the most suitable cryptocurrency wallet(s), much as with cryptocurrency exchanges and cryptocurrency platforms, is critical to ensuring efficient transactions and the security of money in cryptocurrency.

There are several kinds of bitcoin wallets available. A bitcoin wallet may be classified as either "hot" or "cold." A cold wallet is one that is disconnected from the internet (offline), while a hot wallet is one that is linked to the internet (online) (online).

Cryptocurrency wallets are available in a variety of configurations, in addition to these two basic categories:

• Desktop Wallets / Software Wallets (Hot Wallets)
• Mobile Wallets (Hot Wallets)
• Hardware Wallets (Cold Wallets)
• Paper / Physical Wallets (Cold Wallets)
• Online Wallets / Web-based Wallets (Hot Wallets)

Some highlights about the best crypto wallets available:

To recap, the Bank of England (BOE) hiked interest rates for the third consecutive month in March, but also cautioned that Russia's conflict with Ukraine has increased uncertainty about the economy's growth prospects.

Meanwhile, a surge in oil prices, along with a sprinkling of risk-taking, has driven the Canadian dollar higher versus its main peers.

Traders are now paying close attention to the pair's weekly support at 1.6575, which is now at 1.6575. As you can see, it also corresponds to the bottom of a falling triangle on the 1-hour time frame, which is very significant.

Let's see whether Canada's retail sales data, which is planned for release during the U.S. session, can help to move the pair higher.

With a pair of wicks forming around the triangle support and a bullish divergence on the 1-hour chart, the chances are in favor of the bulls right now.

However, current market trends indicate that the decline will continue for some time.

GBP/CAD is likely to record fresh monthly lows and revisit its March 2020 lows at 1.6540 until there is progress in the Russia-Ukraine peace talks or unless Canada's retail sales figures fall short of expectations for a comeback.