Trade of the Day: GBP/CAD

GBP/CAD recently broke the hourly Falling Wedge pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the strong Initial Trend (8 bars), medium Uniformity (5 bars) and higher Clarity (6 bars). GBP/CAD is expected to rise toward the forecast price 1.7064.

As can be seen from the daily GBP/CAD chart below – the pair earlier reversed up from the support area located between the key support level 1.6985 (which also reversed the pair last month), lower daily Bollinger Band and the support trendline of the daily up channel from February. The proximity of this support area, clear daily uptrend, and the still oversold daily Stochastic increase the probability GBP/CAD will continue to rise toward the forecast price 1.7064.