GBP/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Strong support in the face of the 200-hour SMA made it possible for the currency pair to recover. During the past 90 hours the price was particularly bullish, gaining more than three figures. This was the period when GBP/CAD started respecting two parallel rising trend-lines that are now the boundaries of the channel up we see on an hourly chart.
However, the technical indicators are giving contradictory signals and therefore are not supporting further increase in the price. Moreover, 70% of SWFX traders are currently holding short positions on the pair, expecting the Sterling to underperform.
© Dukascopy Bank SA
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