GBP/CAD Turn in Trend

GBP/CAD price was trading at a key area around the 1.70400 support which aligns with the ascending trend line. However, CAD bulls reacted strongly to fundamentals and pushed the price below the trending line. The break of the ascending trend line led to further bearish movement and shorting opportunities.

Currently, the pair seems to have found some support and is now trading at 1.6869. The pair reached a low of 1.6794 just minutes ago and got backed up by the CAD bears who saw an opportunity to short the Canadian currency.

First GBP/CAD target to the upside is now seen at 1.6900. After that, we need to go to 1.7000 in order for the bullish trend to be confirmed.

Strong support is the 200SMA level at 1.6758.

Chart: GBP/CAD D1