GBP/CAD 4H Chart: Sets for breakout - Trade Pattern Ideas - Dukascopy Bank
Tue, 05 Feb 2019 07:05:52 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Sell
Buy
Buy
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Buy
Neutral
Alligator (13; 8; 5)
Sell
Neutral
Buy
SAR (0.02; 0.2)
Buy
Sell
Buy
Aggregate
⇘
⇗
⇒
The British Pound has depreciated about 2.37% of its values against the Canadian Dollar during the last week. The decline began after the exchange rate tested the upper boundary of a dominant descending channel pattern at 1.7500 on January 29.
The currency pair is currently trading near the bottom border of an ascending channel at 1.7093 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target a swing low of 1.6830 during the following trading sessions.
However, if the bottom border of the channel pattern holds, the pair could aim for the 50-hour SMA at 1.7319 within this session.
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