GBPCAD currency pair under the bearish pressure today after the price reversed down from the resistance area set between the key resistance level 1.70200 (former multi-month support from the start of July) and the 50% Fibonacci correction of the downward impulse from the start of October. The downward reversal form this resistance area stopped the earlier impulse wave (iii). Given the strongly bearish sterling sentiment seen across the FX markets today – GBPCAD currency pair can be expected to fall further toward the next support level 1.69000 (low off the previous correction (ii)).