As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
Relative to other instruments in the forex asset class, gbp/cad ranked 3rd yesterday in terms of percentage price change.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 0.47% from the day prior, but down 10.82% from the same day the week before.
This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 12.04% from the day before — and down 6.21% from the same day the week before.