GBP/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since August 23 the Pound has been appreciating against the loonie, and currently the pair is rapidly approaching a resistance line of a channel up pattern at a strong psychological level of 1.70. Furthermore, aggregate technical indicators on a 4H chart are supporting the case of a move towards pattern's resistance line. However, the first stop for the long traders could be a recent high at 1.6966, which is the highest level since February 2010, therefore, it would be extremely difficult for bulls to push the pair any higher. As an alternative scenario, the pair may ease back to weekly pivot and daily support at 1.6816.
© Dukascopy Bank SA
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