GBP/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 81 hours we have been observing the appreciation of the Great British Pound against the loonie. At the moment of writing, the pair stood at 1.5945, level which is very close to pattern's support. As usually, it should be interpreted as a "buy" signal. Moreover, aggregate technical indicators on 1H and 4H charts are pointing at continuation of the uptrend, therefore, the pair is likely to bounce back from current level and continue moving to the north. A couple of strong resistance levels are placed in 63 and 80 pips higher, therefore there is plenty of room for appreciation.
© Dukascopy Bank SA
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Wed, 07 Aug 2013 06:40:20 GMT

GBP/CAD 1H Chart: Double Top

Within the last 80 trading hours the British Pound managed to strongly appreciate relative to the Canadian Dollar, thereby negating the prior losses.However, the currency pair encountered a tough resistance line at 1.5962 that prevented further extension of the rally. Being that there were two attempts made to breach it, we may posit that GBP/CAD formed a double top pattern.

Tue, 06 Aug 2013 14:17:05 GMT

NZD/CAD 4H Chart: Rising Wedge

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