GBP/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Just a couple of hours ago the British pound in its pair with the Canadian dollar has reached the lower boundary of bearish channel, which has been emerging since the last day of 2014. In general, the Pound was unusually weak against the Loonie, therefore it crossed almost all important weekly supports during this week. Still, it is likely that the pair will rebound in the direction of the pattern's resistance in the short-term. However, both medium and long-term outlook are strongly bearish. Technical indicators are negative on 1H and 4H charts. SWFX market participants, however, are holding short opened positions on the GBP/CAD currency pair in 58% of all cases at the moment.
© Dukascopy Bank SA
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Thu, 08 Jan 2015 14:58:16 GMT

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