GBP/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a tap at the three-year lows of 1.5768, GBP/CAD entered a rising wedge to test the upper boundary of the senior channel down pattern that the pair has been following for a year and a half already. The pair has slightly overstepped the upper boundary already and it is most likely that a dive will follow – consistent with the wedge formation. The pair is now on its way towards the upper trend-line of the junior pattern and we will look for the next wave south to extend back into the channel and guide a motion to the lower boundary.
© Dukascopy Bank SA
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