Since the beginning of the year the currency gained more than 4.0% and last week alone rose 3.5% plus made a phase change, shifting from an accumulation to a bullish phase. Last week the GBPCAD rose with a wide range and closed near the high of the week, the currency pair also managed to close above the previous week high, which suggests a strong bullish momentum. The currency pair succeeded in breaking above the 50-week moving average that should now provide a dynamic support to the price. The stochastic is showing an overbought market although is still displaying bullish momentum. Expecting an upward move to a weekly resistance at 1.7532 on a bounce from a Fibonacci retracement at 1.7098 (scenario 1) and a break above the weekly resistance at 1.7532 could push the currency pair up to 2014 low at 1.8036 (scenario 2).