Trade of the Day: GBP/CAD

GBP/CAD continues to rise inside the 30-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the above-average Initial Trend (6 bars), strong Uniformity (9 bars) and medium Clarity (6 bars). GBP/CAD is expected to rise further inside this Up Channel.

As can be seen from the daily GBP/CAD chart below – the pair earlier broke above the key resistance level 1.7140 (which reversed the price sharply in May). This price level is acting as the strong support level after it as broken. The proximity of this support level and the clear daily uptrend increase the probability GBP/CAD will continue to rise inside this Up Channel.