GBP/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound started a channel down against the Canadian Dollar on May 31, and the pair has bounced off of the borders of the pattern already three times. The 116-bar long channel has relatively high quality and magnitude parameters: 71 and 83% respectively. At the moment, the exchange rate is in an upward motion and is struggling with the first weekly support at 1.8621, which is in the middle of the pattern. On the way up the pair faces the first daily resistance and 55-hour simple moving average. Further north, the exchange rate should confirm the upper trend-line and 100-hour SMA at around 1.8750. However, if the Sterling does not appreciate against the Loonie, the currency could move to the lower trend-line around 1.8420. In aggregate, technical indicators forecast no changes for the pair today.
© Dukascopy Bank SA
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