GBPCAD Wave Analysis 18 February, 2021

• GBPCAD approached key resistance level 1.7670

• Possible downward correction to 1.7600

GBPCAD has been rising in the last few trading sessions and is currently trading near the key multi-month resistance level 1.7670 (which stopped the previous wave (B) in July as can be seen below).

The resistance area near the resistance level 1.7670 is strengthened by the upper daily Bollinger Band.

If the pair fails today to close above the resistance level 1.7670 – the pair can then fall to the next support level 1.7600.