GBP/CAD’s strong rally today and break of 1.7674 resistance argues that it may finally be ready to breakout from medium term consolidation pattern from 1.8052. Further rise is now expected as long as 1.7581 support holds, for 1.0852 resistance. Firm break there will resume whole rise from 1.5875.
In that case, we’ll likely see GBP/CAD rises through 1.8415 resistance, to 61.8% retracement of 2.0971 (2015 high) to 1.5746 (2016 low) at 1.8975 in the medium term. This level is close to 100% projection of 1.5875 to 1.8052 from 1.6768 at 1.8945.
