The GBP/CAD pair has been trending downwards since the 25th of August 2015. The aggressive movement began from as high as 2.0971 to as low as 2.0090, the current major support zone.
The currency pair recently stabilised below 2.0291 and above 2.0123. The latest bullish candlestick is a good signal that the bulls could exert greater pressures on the pair. Thereafter, a successful break above the 2.0426 level could likely boost the price up to 2.0533 and 2.0634 in extension.
In the opposite scenario, where the sellers manage to resume their selling activity, they could force the price down to 2.0090.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.