GBP/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD continues to trade between two upward-sloping parallel trend-lines, and since the last update (Jun 17) has managed to confirm importance of both of them. The outlook is still bullish, and we expect a rebound from 1.9385. However, the rate is approaching resistance at 1.9559, represented by the Feb high, and for now this level represents the major downside risk. But if the Feb high is out of the way, the next target will be 2.07, namely the peak seen back in 2008.
On the other hand, if the lower trend-line is violated, there is likely to be a further sell-off, potentially down to 1.9185, where the weekly S3 merges with the 200-hour SMA.
© Dukascopy Bank SA
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