GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook on GBP/CAD is strongly bullish. Not only does the majority of technical indicators point upwards, but the price is also right at the lower boundary of the ascending channel. Additionally, the Sterling is oversold against the Canadian Dollar: only 28% of open positions in the SWFX market are long. We expect the Pound to rebound from the weekly R1 and up-trend at 2.0370 and rally towards 2.05, where it should commence a bearish correction. Alternatively, a dip beneath 2.0370 will change the outlook to negative and expose Dec 8 low at 2.03, while the next major support will be only at 2.0165, represented by the 200-hour simple moving average.
© Dukascopy Bank SA
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Wed, 09 Dec 2015 14:09:04 GMT

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