GBP/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 69 bars the pair has been moving parallel to pattern's support, and even though there have been few attempts to break the key level. Moreover, the pair is supported by a 200-bar SMA at 1.6290, so even in case of a breakout, it would be extremely difficult to push the pair lower. Thus, the pair is likely to continue channelling upwards. This idea is supported by technical indicators on a 4H chart. In this case, long traders could first of all focus on 1.6542– a recent high (which was higher than the previous one). The 100% magnitude, means that even relatively low hikes of volatility could lead to significant returns.
© Dukascopy Bank SA
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