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GBP/CAD Rises Towards Key Resistance

The pound bounced back after Britain showed strong wage growth in the three months to October.

A bullish RSI divergence indicated a loss of momentum in the latest sell-off. A break above 1.6770 and then a bullish MA cross was the confirmation for a reversal.

The pair is heading towards the daily resistance level at 1.7100. Its breach may lead to a broader rally in the medium term. In the meantime, an overbought RSI could temporarily limit the extension. 1.6900 is the closest support in case of a pullback.

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