GBP/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although last week there were risks of GBP/CAD breaking out of the channel after forming a double bottom, resistance at 1.85 did not let the Sterling to change the outlook on GBP/CAD and remained intact. Accordingly, we expect the rate to bounce off of the upper trend-line of the channel and then drop by some six figures during the next two weeks before stabilising near a cluster of supports circa 1.7770, created by the monthly S2, 2015 low and the lower edge of the pattern. A sell-off is also implied by the positioning of traders in the market, being that as many as 73% of open positions are long, which means a decreased chance of new buyers entering the market in the nearest future.
© Dukascopy Bank SA
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