GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound/Loonie currency pair has been moving in a distinct up-trend since beginning of the previous week, as it led to the formation of the bullish channel . The pair is currency hovering in the direction of the lower-boundary of the pattern, trading just above the daily S3 around 1.8000 major level. Despite strong bullish sentiment among SWFX traders (58% of all opened positions are long), we expect the pair to fill the space between two trend-lines at least until the weekly pivot point at 1.7873, before starting the confident upward movement. Technical indicators support this scenario, as one-hour ones are mixed, while medium-term studies point to the upside.
© Dukascopy Bank SA
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