By: Dima Chernovolov
GBP/СAD recently broke the 15-minute Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 5-bar level – which is the result of the slower Initial Trend (4 bars), significant Uniformity and Clarity (7 bars). GBP/СAD is expected to rise further toward the forecast price 1.7090 – in line with the earlier upward reversal from the key support level shown below.
As can be seen from the daily GBP/СAD chart below, the price earlier reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area lying between the key support level 1.6970 (former double bottom from the middle of February) and lower daily Bollinger Band. The proximity of this support area increases the probability GBP/СAD will continue to rise toward the forecast price 1.7090.