Click the GBPCAD Chart Above to Enlarge
The GBPCAD has rebounded sharply from selloff the pair suffered through in mid-August.
We note that the price action is right near the key resistance level of 1.6100.
Should this resistance region be taken out by the bulls, we could see a strong run higher.
In order to catch the breakout, aggressive traders can consider setting on stop buy orders just above the recent high of 1.6120.
If longs are considered, stops would be placed below the 125-period EMA, at 1.5746.