Ransquawk

The GBP/CAD quotations on the daily chart have been very technical for a long time. Alternate and fairly even price movements perfectly fit into the rising channel formation. The last downward movement did not have enough dynamics and did not reach the bottom edge. The price has quickly turned back and is testing the upper edge. This indicates an advantage of the demand side. Currently or there will be a breakout, which would mean a further movement towards resistance in the peak area from the middle of last year.

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Equally well, however, the technical system can be maintained and we will see a correction of the recent increases. Long-term increases are supported by reports of Brexit, i.e. attempts to delay it, as well as oil quotations, which slow down earlier growth.

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Ransquawk