GBP/CAD 4H Chart: Set for breakout

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralBuyBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The GBP/CAD currency pair traded sideways during last week's trading sessions. The 50-hour simple moving average provided resistance for the exchange rate at 1.6965.

The British Pound was trading near the upper boundary of a descending channel pattern at 1.6807 and could be set for a breakout.

If the breakout occurs, a surge towards the weekly R2 at 1.7055 could be expected during the following trading sessions.

On the other hand, if the descending channel holds, the currency exchange rate will continue its downward movement in the shorter term.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.