GBP/CAD 1W Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD is currently trading in the middle of the bullish channel. However, the currency pair is moving downwards, from the upper edge of the pattern towards the lower trend-line, which is likely to be reached in April. The Sterling will then be set for a strong rally, which is likely to surpass both 2008 and 2015 highs that have not let the UK currency to advance further north for the past six months. In case demand implied by the green line proves insufficient to start a recovery, the bulls will have a good opportunity to recuperate at 1.7675/1.7540, where the September 2014 low coincides with the 200-week moving average. Meanwhile, the sentiment in the SWFX market is negative, being that 67% of open positions are short.
© Dukascopy Bank SA
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Mon, 15 Feb 2016 14:35:15 GMT

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Mon, 15 Feb 2016 08:08:05 GMT

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