GBP/CAD has been inside a long corrective structure since January and still there has been no stronger currency to surpass each other. This week, GBP had positive fundamental reports like the GDP data (0.7% vs. 0.6% expected) and the today BBA mortgage approvals data, which was also positive with 44.7K (41.9K expected). Currently, GBP is fundamentally stronger than CAD, but CAD high impact news is to be published soon. Today Canada's CPI report will be published (+0.3% expected; -0.2% previous). If the CAD report turns out to be positive, we might see good volatility in the market or else GBP is going to continue its gains over CAD.
Now let us look at the technical view, the price is currently near the resistance 1.6486-1.6500 area. As the price is still inside the corrective area and high-impact CAD CPI news is going to be published soon, we will be looking forward to buy when the price breaks above 1.6500 with a daily close. Without a daily close above the resistance and good-amount bullish pressure, it would not be quite preferable to buy on this pair. On the other hand, if the price rejects from the resistance, we will be looking forward to sell after the price rejects from the resistance with a daily close below the resistance level.
