Daily Forex Update: GBP/CAD
By: Dima Chernovolov
GBP/CAD continues to rise inside the daily Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the slow Initial Trend (3 bars), lower Uniformity (2 bars) and above-average Clarity (6 bars). GBP/CAD is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the key support area shown below.
As can be seen from the daily GBP/CAD below, the price earlier reversed up with the daily Japanese candlesticks reversal patterns Bullish Engulfing and Morning Star from the support area lying at the intersection of the round support level 1.7000, lower daily Bollinger Band and 61.8% Fibonacci correction of the previous sharp upward impulse from December. The proximity of this support area increases the probability GBP/CAD will continue to rise inside this Ascending Triangle.
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