The markets are very dry at the moment, not really offering too much high quality signals. The major political events in Europe have the market in a holding pattern waiting for the final outcome.
This hasn’t stopped the GBPCAD though, it’s been a power horse of an up trend, breaking into new highs this week.
Now the market has broken through a swing high, we’re waiting for this to come back down and test the level as support. Here we will be waiting for any good buy signals that form.
Bullish price action at this hot spot will confirm the market still has buying strength in it, and demonstrate the trend is ready to continue higher.