GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
So far this year has been bearish for the Sterling, but the lower time frames suggest the currency has the potential to negate some of the latest losses within the emerging ascending channel. Eventually, in the perspective of the next several weeks, GBP/CAD might recover up to 1.9350, but for now the gains are to be limited by the upper boundary of the pattern at 1.92, which is reinforced by the weekly R1 and March 10 high. At the same time, near-term dips are to be contained by the rising trend-line at 1.8860. If it is not enough to withstand selling pressure, the next target will be the weekly S1 at 1.8790, followed by the March 1 low at 1.8675. As for the sentiment in the SWFX market, the traders are mostly long the Pound—69% of them.
© Dukascopy Bank SA

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