GBP/CAD Is Still Very Bullish

The move to the upside that GBP/CAD began yesterday continues today and the pair not only reached the target at 1.7900 but it actually broke out above that level and then continued rising, even breaking out above the last high at 1.8050. What is more, the pair has broken out above the clear shooting star candlestick it had formed on the weekly time-frame, which turned out to be a false signal for a move to the downside. GBP/CAD is still very bullish and it will probably keep rising, its closest target being around 1.8100. A breakout above that level will probably lead to a rally towards 1.8200 – 1.8300.