GBP/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched a two-month low of 1.5579 on July 31, the pair started an accelerating increase, climbing to the highest level since February 2010 of 1.6508 on August 23. After hitting this high, GBP/CAD retreated slightly to approach the lower-limit of the pattern but the weakness appeared short-lived, as a bounce from lower pattern's boundary prompted a rally that pushed more than a three-year high back to the fore. Traders believe the pair will continue appreciating, with more than 86% of orders being to buy the currency pair. The confirmation of this would be a climb above the four-hour resistance at 1.6520 that may provoke a breach of the next resistance at 1.6525 (daily R1).
© Dukascopy Bank SA
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