GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling is benefitting from recent actions by the ECB and strong fundamentals from the domestic economy. GBP/CAD has been moving sideways since the beginning of this year, with two parallel trend lines located at 1.8101 and 1.8670. The recent move to the 200-period SMA is interpreted by traders as a ‘sell' signal, as 69% of opened positions are short. Furthermore, 60% of pending orders in 100-pip range are placed to sell the pair. Technicals are suggesting bulls be able to push the pair to the upper trend line and weekly R2 again, hence, a retest of 1.8401 can be expected. Technicals on a longer timeframes are neutral, meaning sideways movement will persist.
© Dukascopy Bank SA
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