GBP/CAD: buy target - 2.0400
By: Dmitriy Chernovolov
- GBP/CAD reached buy target 2.0000
- Next buy target - 2.0400
GBP/CAD has been rising sharply in the last few trading sessions – following the earlier breakout of the round resistance level 2.0000, which was set as the buy target in our previous forecast for this currency pair. The sharp minor impulse wave (iii), which broke the resistance level 2.0000, was recently stopped by the resistance zone lying at the intersection of the resistance trendlines of the two daily up channels (as you can see below).
With the daily Momentum near the yearly highs - GBP/CAD can be expected to break the aforementioned resistance zone and to rise to the next buy target 2.0400.