GBPCAD recently broke the resistance trendline of the daily Down Channel (which enclosed the previous shortterm ABC correction 2 from the end of January). The breakout of this Down Channel continues the active impulse wave 3 – which started earlier from the round support level 1.70000. Given the strongly bullish sentiment affecting the Sterling at the moment – GBPCAD is expected to extend the gains toward the next resistance level 1.73200 – the breakout of which opens the way for further gains toward the next key resistance level 1.75000.