GBP/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a retest of the resistance line on October 23 the pair pushed lower and almost reached the lower trend line. However, GBP/CAD is currently trading around 1.574. In a short and medium terms, a period of consolidation can be expected, as indicators on 4H and daily charts are neutral. This idea is also supported by market sentiment and pending orders. Hence, 66% of opened positions are short, while the majority of orders are placed to buy the pair. Nonetheless, long term outlook is bullish, as majority of technical indicators on a daily chart are sending "buy" signals. Furthermore, Canada unemployment rate on Friday may add some liquidity into markets, based on the data.
© Dukascopy Bank SA
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