• GBPCAD reversed from the support zone
• Likely to rise to round resistance level 1.7065
GBPCAD currency pair continues to rise after the price reversed up with the daily Hammer from the support zone lying between the key support level 1.6700 (previous monthly low form November) and the lower daily Bollinger Band. The upward reversal from this support zone started the active minor correction (ii) – which belongs to the higher order downward impulse wave 3 from the end of November.
Given the bullish divergence on the daily Stochastic, falling crude oil prices and the resultant strong CAD outflows , GBPCAD currency pair can be expected to rise further toward the next resistance level 1.7065 (which has been reversing the price from October).