GBP/CAD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after finding support at 1.5575 GBP/CAD started to consistently outperform the Canadian Dollar, which resulted in the formation of the bullish channel on a daily chart. Despite the narrowness of this pattern (hence the low measure of magnitude—30%), there is a high probability that future behaviour of the currency pair will be to a large extent defined by the boundaries of the upward-sloping corridor.
Just recently the price has encountered the resistance area at 1.7232 (weekly R1, monthly R2 and up-trend resistance), meaning the Pound is now expected to make a bearish correction before resumption of a rally at 1.6715.

© Dukascopy Bank SA
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