Why the U.S. dollar still reigns supreme
GBP/CAD today completed the Uniform Triangle chart pattern identified on the daily charts. We rate the overall Quality of this chart pattern at the 5 bar level as a result of the low Initial Trend (2 bars), near maximum Uniformity (measured at the 8 bar level) and the above-average Clarity (6 bars). Higher Uniformity of this Triangle reflects even distribution of the connecting points of the upper and the lower trendlines of this chart pattern. This Breakout (whose strength is measured at the strong 7 bar level) continues the long-term downtrend that can be seen on the weekly GBP/CAD charts. The pair is expected to fall further in the direction of the Forecast Price 1.5695, which is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chart below, all of the daily Expected Price Range calculated us for GBP/CAD (from 1.5850 to 1.5726) stands below the broken support trendline of the above Triangle – this heightens the likelihood that this currency pair will fall further.
As can be seen from the PowerStats chart below, all of the daily Expected Price Range calculated us for GBP/CAD (from 1.5850 to 1.5726) stands below the broken support trendline of the above Triangle – this heightens the likelihood that this currency pair will fall further.