GBP/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
If we ignore the Mar 4 dip, GBP/CAD appears to be trading in a well-defined channel. Accordingly, the Sterling is expected to underperform relative to the Loonie, as confirmed by the four-hour and daily technical studies, and the focus therefore is on supports. The closest demand area is at 1.8555, followed by the weekly S2 at 1.8508. The floor at 1.8418 is supposed to be even stronger, being that it is formed by the monthly S2 and the lower trend-line of the pattern. In the meantime, the rallies are to be limited by resistances at 1.8664 and at 1.8730. Nevertheless, we should note that the weekly indicators are bullish, meaning we should be prepared for a potential reversal in the longer term.
© Dukascopy Bank SA
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