GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British currency has been constantly moving down from upper trend-line of the pattern since the middle of Monday. It almost approached the support level, represented by 55-hour SMA and daily S1 at 1.8168, and it will be the last support level for the pair before it nears the lower boundary of the channel up. Short-term technical indicators send bearish signals for this currency pair, meaning that bearish scenario is likely to take place in the nearest future. However, medium-term studies point to the upside, increasing likelihood of bounce from the trend-line. Meanwhile, SWFX traders are undecided on the future of this cross, as bears have a slight majority with 52% of all positions.
© Dukascopy Bank SA
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