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The Pound is in a complicated situation against the Canadian Dollar, as various types of lines can be drawn on the rate, and the situation seems like a mess after first glance. The currency exchange rate is simultaneously trading in three channel patterns, and two trend lines of various channels are also creating a triangle pattern. All in all, a break of the triangle can be expected at the latest on April 16, until then market participants can observe how pressure accumulates from two side on the pair and analyze clues, regarding the direction of the break out. From a fundamental perspective, Brexit talks might bash the Pound lower against the Loonie. However, from a technical perspective the most dominant pattern is an ascending channel.
Fri, 07 Apr 2017 12:01:49 GMT
Source: Dukascopy Bank SA