GBP/CAD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending triangle pattern, formed by the Pound/Loonie currency pair, has been confirmed to the upside, as now it is nearing the daily R3 level at 1.7891. Today the British currency has already managed to gain more than 140 pips, breaching two strong resistance levels, namely daily R1 and daily R2/200-hour SMA. We consider the upside movement to continue increasing momentum, as this currency cross is being bought in 70% of all the trades at the moment. Moreover, technical indicators are positive on the medium-term time frame, while other studies send mixed signals. If the mentioned daily R3 resistance level is surpassed, we can expect the pair to head towards the weekly R1 at 1.7962.
© Dukascopy Bank SA
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