GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past five trading days GBP/CAD seems to have been trading between two parallel rising trend-lines. For this assumption to prove to be true, the currency pair needs to rebound from the support near 1.85 (200-hour SMA, weekly PP and up-trend); most of the technical indicators favour such a course of events. Then the price will be expected to head towards 1.8750, the upper boundary of the bullish channel, from where in turn it will be expected to undergo a downward correction. However, it must be noted that the SWFX market participants doubt the ability of the Sterling to appreciate— merely 29% of open on the pair positions are long.
© Dukascopy Bank SA
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