GBP/CAD Potential Uptrend – October 6th 2020

<p>The GBP/CAD has started to produce higher highs and higher lows suggesting the validity of an uptrend…</p>
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<h2><strong>Analysis Details:</strong></h2>
<p><b>GBP/CAD symbol on the MT4 platform<br />
</b></p>
<p><b>Type: </b>Bullish</p>
<p><b>Key support levels: </b>1.7162<b><br />
</b></p>
<p><b>Key resistance levels: </b>1.7246, 1.7277, 1.7424</p>
<p>On September 28th, the price broke above 200 Simple and Exponential Moving Average, showing strong bullish intentions by the pair. The corrective move down followed, with was stopped by a lower trendline of the ascending channel, which was rejected cleanly and the price went up once again.</p>
<p>Since September 2nd, <strong>the GBP/CAD has been attempting to break below 200 Simple and Exponential Moving Averages, although it failed to show a clear breakout</strong>. Spikes were produced below, but not definitive breakout followed. There were 2 attempted to break below the 1.7133 support level, confirmed by 38.2% Fibonacci. Both of them failed, showing how strongly it is being defended by buyers.</p>
<p><a href="https://www.forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-13422" src="https://www.forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H.png" alt="" width="1634" height="886" srcset="https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H.png 1634w, https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H-300×163.png 300w, https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H-1024×555.png 1024w, https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H-768×416.png 768w, https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H-1536×833.png 1536w, https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H-43×23.png 43w, https://forexboat.com/wp-content/uploads/2020/10/10-06-2020-GBPCAD-4H-150×81.png 150w" sizes="(max-width: 1634px) 100vw, 1634px" /></a></p>
<p>Therefore, as long as daily closing price stays above the recently produce low at 1.7133, <strong>GBP/CAD should be expected to continue trending u</strong>p. The potential upside target and the key resistance is located at 1.7423, which is confirmed by two Fibonacci retracement levels.</p>
<p>These are 38.2% Fibs applied to the previous correction up occurred in August, and 261.8% Fibs apple to the current corrective wave down, where 1.7133 support has been rejected. <strong>This makes a potential upside move of 250-300 pips</strong>, which might be tested during this trading week.</p>
<p><strong>Disclaimer: The analysis presented in this article is for educational purposes only and should not be considered as financial advice.</strong></p>
<p>This analysis was done on MetaTrader 4.</p>
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<p>The post <a rel="nofollow" href="https://forexboat.com/gbpcad-analysis-oct-6-2020/">GBP/CAD Potential Uptrend – October 6th 2020</a> appeared first on <a rel="nofollow" href="https://forexboat.com">ForexBoat Trading Academy</a>.</p>