Wed, Mar 29, 2023 @ 12:31 GMT
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GBP/CAD 1H Chart: Possible Reversal From Channel

GBP/CAD was guided by an ascending channel since mid-August prior to breaching this pattern last Friday in response to solid Canadian employment data. As a result, the Pound fell to the monthly S1 at 1.6778. From theoretical point of view, the pair should go for a retracement from the bottom channel line circa 1.6950. However, given that the 55-hour SMA and the weekly PP are located nearby, this scenario might not be realised in this session, thus leaving the rate in the 1.6800/50 territory. Technical indicators suggest that there might be a change in sentiment within the following trading sessions, thus allowing for the rate to reach the aforementioned 1.6950 are, likewise reinforced by the 100– and 200-hour SMAs and the 23.60% Fibo retracement.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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