As is visible from the following trade opportunity alert for GBP/CAD, the pair is currently moving inside the Ascending Triangle chart pattern identified by Autochartist on the 4-hour charts. GBP/CAD is expected to continue the upward movement in the direction of the target level 1.5655 in the following 3 trading days. This target level (point B on the chart below) is the last downward reversal point of the upper resistance trendline of this Ascending Triangle. Autochartist sets the stop-level for this advance at 1.5399 (point A below). This stop-level stands near the strong support level 1.5400 (which had previously reversed the pair sharply up in September of 2011). The proximity of this support level adds to the likelihood that the pair will reach the target level 1.5655 in the next 3 trading days.GBP/CAD" title="GBP/CAD" width="600" height="338">
The following daily GBP/CAD chart shows the longer-term picture of this currency pair’s movement:GBP/CAD Daily" title="GBP/CAD Daily" width="596" height="660">