As you already know, I like to see clear support and resistance levels on the LT charts before I even start to think about trading any currency pairs. On the GBPCAD I see clear S&R levels on the LT charts, and it looks like it has been rejected from an important support level.

On the other hand, on the hourly chart, it already broke the range it traded in since last Thursday, meaning that I should be ready to start looking for long opportunities:

As long as the GBPCAD trades above 1.5665 I will be looking for long opportunities. What is most interesting about this chart is that the next LT resistance level is about 480 pips from where it is currently trading.

Trade Safe!

Raul Lopez
Forex Training