GBPCAD recently reversed up from the support area lying between the key support level 1.7000 (which has been reversing the price from the end of December), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous upward impulse wave (1) from August. With the moderately bearish sentiment affecting Canadian Dollar at the moment – GBPCAD is likely to rise further toward the next resistance level 1.73000 (former top of the earlier short-term correction (b) from the middle of last month).
