Currency markets show volatility in GBP/JPY and USD/CAD pairs

Currency markets are showing varied technical movements across major pairs. The GBP/JPY pair has attempted to stabilize near weekly highs after rebounding from a four-month low around the 209.55 level. Despite this recovery, the technical outlook remains bearish as the rate trades below key moving averages, suggesting the rise may be a correction rather than a trend reversal. Key support is noted at 212.50, while resistance sits at 213.80.

In the USD/CAD market, the pair is trading within a rising trend channel on daily charts, testing support in the 1.3100 - 1.3200 zone. The US Dollar has seen strength following the Federal Reserve's decision to raise interest rates by 0.50% to 0.75%, with projections for more hikes next year. Traders are monitoring a potential pullback toward the 1.4000 psychological level, which serves as a confluence of the channel's midline and the 50% Fibonacci retracement level.