GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a five-year high of 1.8671 unexpectedly failed to result in a massive sell-off of GBP/CAD. The pair indeed retreated slightly from the peak but shortly after the British Pound started a new winning streak against the Canadian Dollar.
At the moment, the pair is vacillating close to the upper trend-line of the channel up pattern, within which the appreciation is taking place. If the pair extends its gains, it the most likely approach the pattern's limit that is only some 50 pips below the five-year high. Technical indicators solidify the bullish view, sending ‘sell' signals for medium and long terms.
© Dukascopy Bank SA
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