GBP/CAD 4H Chart: Ascending Broadening Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The market has been bullish since last year's April, when the currency pair crossed the long-term moving average. However, considering that lately the trading range has been gradually increasing, there is a significant chance of a change in price's direction.
Nevertheless, the technical indicators remain silent for now, meaning we could see yet another rally before the lower rising trend-line, which is currently strengthened by the 200-period SMA, is breached. Meanwhile, market participants appear to be largely undecided with respect to GBP/CAD—52% expect the Sterling to outperform and 48% expect it to lose value relative to the Canadian Dollar.
© Dukascopy Bank SA

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