GBP/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After an uncharacteristic break of the upper trend-line of a descending triangle on the daily chart, GBP/CAD showed some more upside potential in a channel up pattern. The pair is currently testing the bottom boundary of the pattern and we expect it to bounce off and then target the top trend-line. There are, however, some downside risks to consider as well – the rate has set a potential double top at 1.6721 and is likely to have trouble in breaking it immediately. Most of the indicators cluster below the current rate and provide a solid ground for future movements, meaning that it is still more likely that northern levels require more attention.
© Dukascopy Bank SA
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