Trade of the Day:  GBP/CAD

GBP/CAD recently broke the key 30-minute resistance level 1.6152, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 3-bar level – which is the result of the three previous reversals from this price level. GBP/CAD is expected to rise further toward the forecast price 1.6258.

As can be seen from the daily GBP/CAD chart below – the pair earlier reversed up from the support area located between the key support level 1.6090 (which has been reversing the price from the end of October), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November. The clear daily uptrend, the proximity of this support area and the oversold reading on the daily Stochastic indicator increase the probability GBP/CAD will continue to rise toward the forecast price 1.6258.