GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the long run we have almost no doubts that the Sterling will keep outperforming the Loonie, the near-term outlook is not as positive. GBP/CAD has recently encountered an upper trend-line of the channel, meaning the price is likely to trade either flat or to the downside. In case of a dip the losses are to be limited by a dense demand area at 1.99. But if this support is violated, the Pound will have a good opportunity to stabilise only at 1.95, and may well fall down to 1.9330 before the bulls regain control of the situation. As for the distribution between the longs and shorts, the former dominate the market, taking up 72% of it.
© Dukascopy Bank SA
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