GBP/CAD 4H Chart: Short-term surge expected

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Buy
 RSI(14) Sell Neutral Neutral
 Stochastic(5;3;3) Sell Neutral Neutral
 Alligator(13;8;5) Buy Buy Buy
 SAR(0.02;0.2) Buy Buy Buy
 Aggregate

The British Pound has appreciated about 1.58% in values against the Canadian Dollar since last week. The currency pair was supported by a cluster formed by the of the weekly and the monthly PPs and the combination of the 50-,100 and 200-hour SMAs at 1.7170.

A for the near future, it is likely that the currency exchange rate continues its bullish movement. Buyers could push the pair towards the upper boundary of a dominant descending channel pattern at 1.7409.

Most likely, the GBP/CAD currency pair makes a brief retracement towards a psychological level of 1.7200 during the following trading sessions.

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