Have you missed this GBP/CAD trend line breakdown?
If you're still negative, you may be able to profit on the selloff on this retracement.
Look out for these points of resistance where pound bears might be planning to enter.
On the pair's hourly time frame, you can see that price broke through an upward trend line that had been holding for the previous few weeks.
Initially falling through the floor at 1.6623, GBP/CAD then started to rise again. The Fib tool can be used to identify probable levels where bearish pressure can resume.
Price is already approaching the 38.2% Fib near the minor psychological level of 1.6750, and if it holds as a ceiling, the pair may fall back to the swing low or even lower.
The 50% level at 1.6778 and the 61.8% Fib, which are exactly in line with the previous trend line and dynamic inflection points at the moving averages, might both be reached by a larger correction.
Recent bearish crossover of the 100 SMA from the 200 SMA indicates a shift in trend and suggests that resistance levels are more likely to hold than to be broken.
Stochastic also reached overbought territory to signify buyer tiredness, so if the oscillator continues south, the pair may do the same.
When playing this, you'd better take into account the typical GBP/CAD volatility!
