GBP/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A strong appreciation of the Sterling began on January 16, when the present pattern started emerging as well. Nevertheless, now it seems that the pair lacks bullish momentum and has a chance of a fall in the foreseeable future. At first, the pair is still unable to get enough support from daily R1 and pattern's support in order to increase in value. Moreover, for last three hours the main development has been taking place under the trend-line, while 74% of SWFX market participants are holding short positions on the Pound versus the Canadian dollar. The only supporters of a bullish case are hourly technical indicators, even though they are replaced by mixed ones on 4H and daily time-frames.

© Dukascopy Bank SA
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