GBP/CAD Is Climbing

Like all GBP-related currency pairs yesterday, GBP/CAD was pushed by the fundamentals and moved sharply to the upside, despite the three candlesticks on the weekly time-frame – a spinning top, a shooting star and a hammer candlestick - that indicated an impending move to the downside. The pair climbed with over 500 pips and it is still very bullish. While there might be temporary retracements, the move to the upside will likely continue, especially considering the impressive hammer candlestick and the double bottom on the monthly time-frame above the support at 1.5740, which are both still valid signals. The next major target for the pair is the resistance at 1.7560, which is the (MA)89 indicator on the weekly time-frame.