GBPCAD recently broke above the major resistance level 1.76200 (which has been reversing this currency pair from the middle of April). The breakout of this resistance level accelerated the active impulse wave (c) from themiddle of December. Give the overwhelming sterling optimism seen across the currency markets today – GBPCAD is likely to rise further toward the next resistance level 1.78000 (former resistance level from March and the target price for the completion of the active impulse wave (c)). Strong support now stands at the support level 1.76200.