Trade of the Day: GBP/CAD

GBP/CAD recently broke the 4-hour key resistance level 1.6839, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 4-bar level – which is the result of the 4 earlier reversals from this price level. GBP/CAD is expected to rise toward the forecast price 0.6898.

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 1.6700 (which has been reversing the price from May), support trendline from February and the 38.2% Fibonacci correction of the upward impulse from February. The proximity of this support area and the clear daily uptrend increase the probability GBP/CAD will continue to rise toward the forecast price 0.6898.