GBP/CAD 4H Chart: Sets for breakout

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The British Pound has depreciated about 2.37% of its values against the Canadian Dollar during the last week. The decline began after the exchange rate tested the upper boundary of a dominant descending channel pattern at 1.7500 on January 29.

The currency pair is currently trading near the bottom border of an ascending channel at 1.7093 and could be set for a breakout.

If this breakout occurs, the currency exchange rate will target a swing low of 1.6830 during the following trading sessions.

However, if the bottom border of the channel pattern holds, the pair could aim for the 50-hour SMA at 1.7319 within this session.

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