For 2 weeks GBPCAD moved in consolidation between levels 1.9780, 2.0030. Yesterday, bulls broke above upper limit of consolidation and today stronger resistance at 2.0180 was tested . Currently price rebounded from resistance and falls may reach 2.0030. If this level will be broken the price will head towards 1.9780. Alternatively, if today’s high at 2.0190 breaks, next resistances will be at levels 2.0260, 2.0400.
Wider view, time-frame D1
Since 2013 GBPCAD has moved in an uptrend and the current falls should be seen as a correction in main momentum. Falls reached to 38.2% fibo level and price rebounded. Today price tested the trend line (blue one). If today’s maximum breaks the bears will want to test the 50% fibo level located at 1.9550.