GBP/CAD is bounded inside both medium and long term sideway pattern after last week’s rebound. For the near term, firm break of 1.7674 resistance is needed to be the first sign of underlying bullishness. Retest of 1.8052 high could be seen next in this case. However, break of 1.6768 would indicate that whole rise from 1.5875 has completed at 1.8052. Deeper fall could then be seen through 1.6542 support to confirm this bearish case.
In the bigger picture, it’s staying well inside long term patter that started at 1.5746 (2016 low). With this in mind, in case of the a near term upside breakout through 1.8052, upside could be capped by 1.8415 resistance, at least for first attempt. Meanwhile, any decline should be contained by 1.5875 support too.
