GBP/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the time being the Sterling is expected to keep outperforming the Canadian Dollar, as the pair has formed a high-quality bullish channel. The near term is even more promising, as GBP/CAD is trading just above the lower boundary of the pattern. Thus, the most likely scenario for the next few days is a rally from 1.9226 and to 1.9623, where the pair is already likely to come into contact with the upper trend-line.
However, we should note that there are signs that the trading range of the pair is narrowing. This may lead to emergence of a wedge pattern, which in turn will imply a reversal of the bullish trend.
© Dukascopy Bank SA
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