GBP/CAD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though wages do not have an apex point where both trend lines converge, they also represent a great opportunity for traders to make substantial profits in a short period of time. The trading range on GBP/CAD is narrowing rapidly and soon the pair will be forced to break either the upper of the lower trend line. In this particular case the downside breakout is more probable, as bulls are facing a bunch of resistance lines right at the level of pattern's resistance. It includes the 200-period SMA, weekly pivot and a daily R1. Moreover, technical indicators on a 4H chart are pointing to the downside movement, therefore, a recent touch of the resistance line is a ‘sell's signal.
© Dukascopy Bank SA
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