GBP/CAD Is Retracing

GBP/CAD has been moving to the downside since the pair bounced off from 1.8415 and almost reached the (MA)89 indicator on the daily time-frame, which is at 1.7660, but it bounced off from 1.7740 and formed a distinctive hammer candlestick there on the same time-frame. That candlestick is a good signal for a likely move to the upside and the closest target for that move will probably be around 1.8055, which is the last high. Alternatively, the pair could break out below the aforementioned support at 1.7740 and continue falling towards the (MA)89 indicator on the daily time-frame. A breakout below that indicator could lead to a further fall towards 1.7600.