GBPCAD currency pair recently reversed down from the key resistance level 1.70450 (former multi-month support from May May, as can be seen from the daily GBPCAD chart below), 20-day moving average and the 61.8% Fibonacci correction of the downward impulse from the strait of October. The downward reversal from the resistance level 1.70450 level stopped the earlier impulse wave (iii). Given the strong sterling bullishness seen across the currency markets today – coupled with cad optimism – GBPCAD currency pair can be expected to fall further toward the next support level 1.69000 (low of the previous corrective wave (ii)).