GBP/CAD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to sustain a rally beyond 1.95, GBP/CAD turned around, and now there is a bearish channel emerging on the daily chart. During the next few weeks the currency pair is expected to move away from the upper boundary of the pattern at 1.85 (reinforced by the weekly and monthly PP) down to 1.78, where it is supposed to meet the lower trend-line. However, the monthly technical indicators are pointing upwards, and if the price closes above the recent highs at 1.86, the Sterling will be in a good position to recover up to the February peak. Meanwhile, the sentiment of the SWFX market is moderately bullish, as 59% of all open positions are long.
© Dukascopy Bank SA
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