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GBP/CAD Breakout Above 1.7050 Opens The Way To 1.7200

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Technical analysis of Forex market

GBP/CAD technical analysis

  • Bullish SHS spotted.
  • Move up is expected.
  • Breakout is possible.
  • M H4 is the target.

  1. Left shoulder.
  2. Head.
  3. Right shoulder.
  4. Entry.
  5. Target.

The GBP/CAD is bullish. The market is trying very hard to break the resistance 1.7050. Today we have both the NFP and CAD data. Employment change is due today. Employment Change reports the change in the number of people employed versus the prior month. Job creation is an important indicator of consumer spending. A reading that is stronger than forecast is generally supportive (bullish) for the CAD, while a weaker than forecast reading is generally negative (bearish) for the CAD. If the market makes the breakout above 1.7050 then we should see 1.7200 soon. As the news is classified as very important, any positive divergence from the result might bring the market down. 1.7050 break is crucial for bulls.