GBP/CAD 1H Chart: Channel Down
The British Pound is losing value against the Canadian Dollar in a two day long descending channel.
The pattern was shaped by a reaction on release of information on the UK CPI and Average Earnings Index.
At the moment, the currency pair struggles to pass through the support level set up by the weekly S3 at 1.6268.
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We have potential for a new uptrend signal emerging this week, after NFP comes out.
If I'm right, we might see a strong rally in equities, lasting well into November. The time target would put a top by November 16th or sooner, which interestingly aligns with the Federal Reserve's FOMC November meeting, which has been hinted that will be a 'live' meeting, regarding...
