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GBPCAD recently reversed up from the support area lying between the key support level 1.70650 (former monthly high from October) and 38.2% Fibonacci correction of the previous upward impulse wave from last month. Given the strengthening bearish Canadian dollar sentiment seen across the markets today – 1.70670 is likely to rise further toward the next key resistance level 1.72750 (high of the previous Shooting Star from the middle of November).
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