GBP/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
After the bottom of four years was set at 1.5769, GBP/CAD started a climb towards areas above, and has now created a rising wedge on the hourly chart, indicating that upward momentum has encountered some trouble. The pair is currently testing the upper boundary for the second consecutive time, suggesting that upside risks cannot be completely eliminated as well. The upside area is strengthened by the upper Bollinger Band at 1.7645, but support lies below at 1.7578 and might come into play at the same time as the bottom trend-line of the wedge which could then break and start a slip.
© Dukascopy Bank SA
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