Daily Forex Update: GBP/CAD
By: Dima Chernovolov
GBP/CAD continues to rise after the earlier breakout of the Ascending Triangle chart pattern which was recently identified by Autochartist on the daily charts. Autochartist rates the Quality of this Ascending Triangle at the 5 bar level – which is the result of the slow Initial Trend (2 bars), significant Uniformity (7 bars) and lower Clarity (one bar). Autochartist rates the strength of this breakout at the 10-bar level – which adds to the probability the pair will continue to rise toward the forecast price 1.7490.
As can be seen from the daily GBP/CAD chart below, the breakout of this Ascending Triangle coincided with the breakout of the resistance zone lying at the intersection of the two resistance trendlines from 2016 and the 61.8% Fibonacci correction of the downward price impulse from last September. The strength of the daily upward impulse which broke this resistance zone increases the probability GBP/CAD will continue to rise toward the forecast price 1.7490.
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