Weekly Technical Analysis of Gbp-CAD

The Canadian cable is trading on the H4 chart - in an upward channel overlapping with a broken downside channel. It liberated the price from the descending channel, and stuck to keeping the nascent bullish channel from the womb of the descending channel. The upper trend of the broken channel represents a support level in addition to the lower uptrend of the upward channel as another support, which gives the pair the torque and strength required to rise to the upper side of the channel on H4 as shown in the above chart. Traders are advised to enter long positions inside the channel while maintaining a proper stop loss below the bullish channel.

General trend: bullish