GBP/CAD Is Bearish

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.