So the ideal strategy for trading this currency pair should be selling at the current levels and booking profits around 1.3437 and 1.3420 levels. And breakouts of support or resistance levels are important as breakouts may trigger further movement in the same direction.
Major Support and Resistance:
Resistance: 1.3534, 1.3538, 1.3607, 1.3655, 1.3850
Support: 1.3478, 1.3455, 1.3437, 1.3417, 1.3364, 1.3345, 1.3330
As per the technical analysis our strategy for the next few days should be:
Shorting GBPCAD at the current levels of 1.3520 with a stop loss of 35 pips and buying near its support levels of 1.3437, 1.3420 and 1.3330. If stop-loss triggers then the position should be reversed again with a 35 pips stop-loss. Breakout of support and resistance levels may create opportunities for further profits.