GBP/CAD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.K. currency has been trading at elevated levels against the Canadian Dollar since mid-January. Recently, GBP/CAD has attained the highest level since at least 2009 of 1.8442 and now it is vacillating slightly below this peak at 1.8254 that is located at the lower boundary of the triangle pattern formed on February 14.
However, the pair is likely to witness a drop from record highs as it may break out of the pattern as 63.64% of all positions are short. At the same time, technical indicators do not shed any light on the pair's future moves, being neutral for short, medium and long terms.
© Dukascopy Bank SA
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