GBP/CAD 1H Chart: Channel Up
Comment: After an uncharacteristic break of the upper trend-line of a descending triangle on the daily chart, GBP/CAD showed some more upside potential in a channel up pattern. The pair is currently testing the bottom boundary of the pattern and we expect it to bounce off and then target the top trend-line. There are, however, some downside risks to consider as well – the rate has set a potential double top at 1.6721 and is likely to have trouble in breaking it immediately. Most of the indicators cluster below the current rate and provide a solid ground for future movements, meaning that it is still more likely that northern levels require more attention.
EUR/SEK 1H Chart: Channel Up
Comment: EUR/SEK set a new half-year low on the daily chart in early February, but managed to abandon the area to show a more promising outlook on the hourly chart. A channel up put an end to the small-scale down-wave and will require some more tests to confirm its significance. The pair is currently squeezed in between several levels mid-pattern and we expect the motion to remain northward-directed until the upper trend-line is reached at 9.5466. After the current corrective area is overstepped, 9.5316 and 9.5414 will be the main levels to watch on the pair’s way up.
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.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.