GBPCAD recently broke below the key support level 1.70250 (which was set as the likely downward target in our earlier forecast for this currency pair). The breakout of the support level 1.70250 continues the active minor corrective wave 2 from the start of July. Given the moderate bearish sentiment affecting the sterling today – GBPCAD is likely to fall further toward the next support level 1.69000 (former low of the previous correction and the likely price for the completion of the active wave 2).