GBPCAD Waiting for a bullish extension confirmation.

The GBPCAD pair has been trading within a Bullish Megaphone for the whole year and is about to test the 1D MA200 (orange trend-line). The recent rebound is taking place on strong technicals as it not only started on the 1W MA100 (red trend-line) but also after a 1D MACD Bullish Cross from oversold levels that we haven't seen since July 2019.

If the 1D MA200 breaks and closes a 1D candle above it, the bullish extension will be confirmed and we will buy, targeting the 0.786 Fibonacci retracement level at 1.71110.

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