Upside risks have dominated the British Pound versus the Canadian Dollar since the middle of April. The currency pair has appreciated about 400 base points during the last three weeks.
Everything being equal, it is likely that the exchange rate makes a pullback towards a support cluster formed by the combination of the 50– and 200– hour SMAs at 1.7498 within this week’s trading sessions.
If the support cluster holds, the GBP/CAD currency exchange rate will continue its bullish momentum in the shorter term.
Meanwhile, technical indicators flash buy signals on both the smaller and the larger time frames chart.
