Ransquawk

Pair GBPCAD is in an upward trend which has significantly accelerated after breaking resistance area between 1.6880-1.6970. Dynamic growth has already led to next key defense zone close to 1.7520.

As you can see on the chart below, this zone has stopped growth since the second half of last year. On the other hand, in 2014, it worked very well as a support.

Bearing in mind the above, it may turn out that this time it will come to a rebound. It is therefore worth to observe price action around current levels. A strong selling signal such as price action from the daily chart may lead to short position.

In the scenario above, however, you have to take into account the strength of the recent upswing and make profits quickly as the potential reversal can only be a correction.

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