For a
little while it appeared that GBP/CAD may form a double bottom at the support
at 1.7050 but the pair finally decisively broke out below that level and
continued moving to the downside. Clearly, the bearish trend continues for now.
Next target is likely the last low at 1.6760 and a breakout below that level
could lead to a further move to the downside towards 1.6590. A long-term target
remains the low at 1.57450, which the pair has tested several times for
the past eighteen months. Whether or not it will be able to reach that level,
let alone break out below it, remains to be seen, but it if it does, it may
continue falling towards the support 1.4830.
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