GBPCAD currency pair recently broke below the pivotal support level 1.68500 (which stopped the (b)-wave of the previous ABC correction (ii) as can be seen below). The breakout of the support level 1.685 accelerated the active minor impulse wave (iii) – which belongs to the higher order impulse waves 3 and (3). Given the strongly bullish Canadian dollar sentiment seen today- on oil gains, GBPCAD currency pair can be expected to fall further toward the next support level 1.67210 (previous monthly low from last month).
