GBP/CAD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initially it was expected that the GBP/CAD cross could easily bounce back from the pattern's upper trend-line and start heading downwards. However, the upward tendency resumed on Thursday, and now the price is again nearing the boundary at 2.0340. Additional support is coming from the weekly R2 at 2.0278. The idea of growth is only partly shared by daily technical indicators as they are mixed at the moment. Moreover, a slight majority (54%) of traders are holding short open positions in the SWFX market. In case we see the 2.0359 (daily R1) level being breached today, the main target for bulls will become the Sep high at 2.0568, while an intermediate supply is located just above 2.0450.
© Dukascopy Bank SA
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