GBPCAD Wave Analysis – 9 December, 2021

• GBPCAD reversed from support level 1.6700

• Likely to rise to resistance level 1.6860.

GBPCAD currency pair recently reversed up from the powerful support level 1.6700 (which stopped the weekly correction (2) at the start of 2020).

The support zone near the support level 1.6700 was strengthened by the lower weekly Bollinger Band.

Given the improved sterling sentiment, GBPCAD can be expected to rise further toward the next resistance level 1.6860.