GBP/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
A steep bullish motion took over in the last weeks of April as part of the climb GBP/CAD has been working on since January. The motion has now lost amplitude to the upside and posted a rising wedge formation on the hourly chart. The pair is currently testing the bottom trend-line of the pattern at 1.7660 and we will be looking for it to bounce off and target the upper one around 1.7763. Any stickiness of the current area is, however, expected to lead to a break below the pattern and test 1.7612 at first, after making a retracement and then entering a support cluster.
© Dukascopy Bank SA
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