GBP/CAD 4H Chart: Broadening Ascending Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling has been trading in a broadening ascending wedge against the Canadian Dollar since the middle of October. Previously, the currency exchange rate traded in a rectangle, which was enforced by two Fibonacci retracement levels, namely the 38.20 % at 1.7435 and 23.00% at 1.0598. The Fibonacci retracements are measured by connecting the 2015 high and 2013 low levels. In addition, on a larger scale the pair is in a descending channel pattern. The wedge formed in the aftermath of one of the Brexit associated Pounds falls, when the rate began to recover in the middle of October. Most recently the currency exchange rate moved back into the previous rectangle and found support in the rectangles support line and the 23.00% Fibonacci retracement level, which means that it is likely to surge.
© Dukascopy Bank SA
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