GBP/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 266 bars the Sterling has been appreciating against the Loonie, however, this week the pair opened with a 12 pips gap. The pair is still appreciating, and aggregate technical indicators on a 4H and daily charts are bolstering the case of further appreciation. Market sentiment is strongly bearish, with 61% of positions being short. Moreover, 56% of pending orders in a 100-pip range are placed to sell the pair, meaning in case it will face a resistance, a pullback can be expected. The key level for short traders is located at 1.7386, represented by a bunch of pivot points and a 4H S2. Just 55 pips lower, is located recent low and pattern's support.
© Dukascopy Bank SA
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