GBPCAD 2.0235-bullish- Posts new 7-year highs at key retracement

GBPCAD surged to a new 7-year high at 2.0321 Friday (July 17, 2015), retracing over 61.8% of the 2.3564/1.4829 (2007/2010) fall The overbought technical indicators suggest caution for pullbacks. The support levels including 1.9890 and 1.9664 which house a 2.5-month rising trendline (from May 6, 2015 low) should hold dips. Further strength would target 2.0538 then 2.0728 resistance levels (as shown on the daily chart).

Outlook:
Short term: bullish
Long term: bullish