• GBPCAD reversed from support area
• Likely to rise to resistance level 1.7434
GBPCAD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area lying between the key support level 1.7200 (which has been reversing the price from the start of January) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous minor corrective wave (b) from the end of March.
Given the strength of the support level 1.7200 and the continued sterling bullishness seen across the FX markets today – GBPCAD currency pair can be expected to rise further toward the next resistance level 1.7434 (top of the previous minor corrective wave (a)).