GBP/CAD 1H Chart: Channel Up

Pair  seems to be having some problems as it approaches August and September highs. It tested the pattern's boundaries on 18th of September, reaching September high at the same time, which caused the pair to loose 170 pips in the course of 12 ours. Pair managed to recover just slightly more than half of this loss only in the course of 24 hours. This has also been the first time it approached August high since 23rd of August. All in all this indicates that the mentioned levels could have serious impact on the pair. It might be that a current, 5-6 hour long, bearish move could be a start of a major sell off as suggested by the medium term technical indicators.