GBP/CAD 1H Chart: Channel Up

Although Channel patterns in general aren't the most exciting, but they offer great trading opportunities. In the case of this specific pattern we can see that it behaves rather well in the pattern's boundaries, we get rather clear indications abound the upcoming/ongoing bounce from the pattern's support and the slope of the pattern is rather steep, what is reflected in the pattern's magnitude rating, and offers an opportunity to tide on the momentum and/or volatility. Support for this is given by the medium and long term technicals as well. However, as short term technicals give neutral outlook, we might see some sort of delay in bullish action.