GBP/CAD reached its five-month high around 1.6081, forming a rising wedge pattern. The formation has 61% quality along with 60% magnitude in a 74-bar period.
The price recoiled from the support level around 1.5897, and climbed to the resistance level around 1.6079. The price has been fluctuating over 200SMA, which leads to the pair uptrend during last 70 bars. Pair's bias is bullish on 4H, 1D and 1W timeframes, which increases the possibility of a growth continue. If the price breaks the resistance level at 1.6079, the first target could be around 1.6152 level.
The pair has tested the resistance level at 1.6079 and now is trading in a tight range. The stochastic indicator reached its overbought area, which leads to the possible pair trend change. If the price falls, the initial target for bearish traders could be around 1.5977, in the middle of the present formation.