The GBPCAD currency pair has been subject to fluctuations while maintaining its bullish trajectory. Notably, it has demonstrated a series of positive closures above the support line at 1.7020 within the established bullish channel. This resilience enhances the prospects for a renewed bullish surge in both the short and medium terms.
Furthermore, the stochastic indicator has commenced providing positive momentum, which is expected to facilitate the task of surpassing the pivotal resistance level at 1.7240. Beyond this point, there is an anticipation of an assault on the previously recorded high at 1.7335.
In addition, the presence of the MA55 (55-day Exponential Moving Average) below the aforementioned critical support at 1.7020 serves as confirmation of the currency pair’s position within the bullish track. This alignment further heightens the likelihood of attaining the anticipated positive milestones.
For the current trading session, the projected trading range is expected to span between the support level at 1.7140 and the resistance level at 1.7240.
In summary, the GBPCAD currency pair has exhibited fluctuations while firmly entrenched in its bullish trajectory. Positive momentum indicators and the alignment of moving averages suggest a favorable environment for achieving the suggested bullish targets in the near and medium terms.