GBPCAD is strongly bullish on the daily timeframe, with price continuing to trade within a clear bullish channel. A good buy opportunity is expected near the channel low. The trade will be closed at the local resistance zone, identified as the red trendline.

Learn this: A bullish channel consists of parallel trendlines that contain price action. The lower trendline acts as support, and the upper trendline acts as resistance. Buying near the channel low and selling near the channel high is a classic strategy in a trending market.