GBPCAD Bounces Back from Crucial Resistance Point

The market is currently assessing the critical resistance at 1.71000 following a breakout from the channel. Notably, the price has successfully breached both resistance and range zones. Anticipating a test of the support level, and potentially the lower border of the descending channel.

A probable scenario involves a descent from the resistance zone due to a lack of bullish momentum, coupled with a prior descent. Additionally, a divergence at this level indicates an impending pullback.

🎯 Targeting the support level at 1.69750.