GBP/CAD Is Moving to the Upside

GBP/CAD has been moving to the downside ever since the pair formed a double bottom around the support at 1.5750 that is very obvious, together with the gradual move to the upside, on the weekly time-frame. The pair has almost reached the resistance at 1.6984, which coincides with the previous high. Depending on whether GBP/CAD breaks out above it, as well as the next one at 1.7117 and forms a new, higher high, the possible trend reversal could be confirmed. Considering the hammer candlestick and the spinning candlestick that have formed on the monthly time-frame above the same support at 1.5750, that is quite possible. Should the move to the upside continue, the (MA)89 on the weekly time-frame at 1.7615 could be a long-term target.