GBP/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been in a distinctive uptrend since the beginning August. At the moment it is trading at the highest levels since February, 2010. This adds some psychological pressure on the pair. However, as we can see from the short term technicals it still has propensity to inch up higher. We can see this technical support easing up only later on. In any case, at the moment it is testing pattern's boundaries which should cause some, at least short term, bearishness. In help for a longer term bearishness come the fact that market sentiment is strongly bearish—at the moment 72% of traders hold short positions on the pair.
© Dukascopy Bank SA
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