GBPCAD currency pair recently broke above the key resistance level 1.72000 (which reversed the price twice earlier this month, as can be seen from the daily GBPCAD chart below), intersecting with the 61.8% Fibonacci correction of the sharp downward impulse wave from the middle of September. The breakout of this resistance level accelerated the active shortterm impulse wave (c). Given the strong bullish Canadian dollar sentiment – GBPCAD currency pair can be expected to rise further toward the next resistance level 1.73000 (former strong support from August).
