Trade of the Day: GBP/CAD

By: Dima Chernovolov

GBP/CAD continues to fall inside the 4-hour Rising Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 3-bar level – which is the result of the slow Initial Trend (1 bar) and higher Uniformity (8 bars). GBP/CAD is expected to fall further inside this Rising Wedge.

As can be seen from the daily GBP/CAD chart below – the pair earlier reversed down from the  resistance area located between the key resistance level 1.7580 (monthly high from April) and the upper daily Bollinger band. The proximity of this resistance zone adds to the probability GBP/CAD will continue to fall inside this Rising Wedge.

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