GBP/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling seems to be strong enough in order to test the upper trend-line of the ascending channel with a relatively high level of confidence. According to the overwhelming majority of technical indicators, especially on longer-term time frames, the GBP/CAD cross will appreciate further and will violate the trend-line. The following resistance will then be placed at 1.8972 (weekly R2), but the bulls will likely set eye on the March high, which rests at 1.9167. On the other hand, two thirds of all SWFX open positions are going long on the Pound, meaning the risks are not unanimously positive. In case the correction lower takes place, the key mark to watch will become the 200-hour SMA at 1.6631.
© Dukascopy Bank SA
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