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GBP/CAD chart - Trading View
GBP/CAD gained strong follow-through traction for the second straight session on Monday.
The British pound buoyed after the SNP failed to win a majority in Scotland and as the UK is set to extend its reopening.
Market participants will now look forward to the UK Prime Minister Boris Johnson's statement on further reopening of the UK economy.
GBP/CAD was trading 0.85% higher on the day at 1.7096 at around 11:55 GMT, slightly lower from session highs at 1.7104.
The pair is attempting rebound from multi-month lows at 1.68581, oversold oscillators are aiding in the pullback.
Price action has edged above 200H MA (1.7061). Next immediate hurdle lies at 21-EMA at 1.7156.
Major trend is bearish. Close above 21-EMA could see some meaningful upside. Retrace above 200-DMA will change near-term dynamics.
