GBP/CAD Extends Bullish Momentum, Targets New Highs

The GBP/CAD exchange rate remains within a bullish channel, with recent price action surpassing the 1.6800 level. This morning, the pair continues to exhibit upward momentum following a reversal around the 1.6700 mark. Notably, there is a strong correlation between GBP/CAD and EUR/USD during this period, which provides robust indications of a prolonged upward trajectory. As a result, market forecasts are suggesting a new target at 1.6900, signaling further potential gains.

Given this outlook, we are actively seeking a long setup in GBP/CAD, anticipating continued bullish movement. The recent breakthrough above 1.6800 and the subsequent price action reaffirm the positive sentiment surrounding the pair. Traders and investors are closely monitoring these developments and aligning their strategies accordingly, aiming to capitalize on the upward momentum and potentially ride the trend towards the projected target at 1.6900.

It is important to remain vigilant and monitor any significant shifts or market developments that may impact the GBP/CAD pair. Nonetheless, the current technical and correlation analysis support a favorable long position, reflecting the market's sentiment and expectations for continued upward movement in the GBP/CAD exchange rate.