It looks like GBP/CAD is waiting for a big move, as for now, the pair keeps trading within a range, between 1.7440 and 1.7305. In the bigger picture, the rate continues to trade above the long-term upside line, drawn from the low of the 8th of September 2017. There is also a slightly more shorter-term upside support line that also should be mentioned, which is taken from the low of the 31st of May and is still in play. Both lines remain intact for now, but one should remain cautious, as GBP/CAD could challenge them both soon if we get good economic numbers from Canada today. For now, we will remain slightly positive, but we keep monitoring the aforementioned range that GBP/CAD is still within.
If the pair gets closer to the upper bound of the range and manages to break it, this could open the door towards the 1.7550 level, which could act as the next potential resistance line. Further acceleration in the rate could lead GBP/CAD to 1.7620, the break of which could make the bulls more confident and drive the pair to the 1.7705 zone for a quick test.
Alternatively, a break below the short-term upside support line mentioned before, could force GBP/CAD to test the lower side of the range, a break of which could interest the bears to take the rate lower. A good potential area of support to keep an eye on is the 1.7255, which is also not far from the other longer-term upside support line, which could stall the pair from dropping further. If, eventually, the break of that support line happens, then we could aim for the 1.7180 support zone.
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