Significant resistance- 1.710
GBPCAD recovered more than 440 pips on the weak Canadian dollar. The Canadian dollar is trading weak against the US dollar on fears of the Omicron coronavirus and policy divergence between the US Fed and BOC. USDCAD hits a multi-week high around 1.28650 and any breach above 1.2950 confirms further bullishness.
Technicals:
GBPCAD is holding above short-term (21 EMA), medium-term (55 EMA), and long-term (100 and 200) in four hours chart.
ADX- Bullish trend with strength above 30 levels.
CCI (50) and woodies CCI above zero line.
Resistance to be watched- 1.7100, 1.7150, and 1.7200.
Support- 1.6920,1.6865,1.6810.
It is good to buy above 1.7100 with SL around 1.7050 for a TP of 1.7200.
