GBP/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound has been appreciating against the Loonie since August and at currently the pair is trading around the highest level since February 2009. Aggregate technical indicators are sending either neutral or "buy" signals, however, they are not univocal, hence we can turn to the market sentiment, which is strongly bearish, as 75% of traders are holding short positions. Furthermore, the pair is facing a bunch of strong resistance lines just 30 pips above the current market prices. Taking it into account we can expect a dip to 1.6747, represented by weekly R1, daily pivot and 4H S3.
© Dukascopy Bank SA
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