GBP/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair rallied in August 2013 and hit 1.8672 on February 21. That was the highest level since 2009, while the next key target for long traders is located at 1.9218. The pair received a strong bullish bias on Tuesday, climbing to a weekly PP at 1.8278. A move above it will put daily R2 and pattern's resistance at 1.8327 on the map. Technical indicators do not give a clear ‘buy' or ‘sell' signal, as in a short-term the pair is expected to depreciate, while in a longer, the Sterling is likely to appreciate versus the loonie. Moreover, almost 63% of traders believe the pair will appreciate, as they are opening long positions. Nonetheless, the key for long traders is 1.8278, while short traders should focus on a recent low.
© Dukascopy Bank SA
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