• GBPCAD broke key support level 1.6840
• Likely to test support level 1.6700
GBPCAD currency pair under the strong bearish pressure after the pair broke below the key support level 1.6840 (low of the previous short-term correction (b)). The breakout of the support level 1.6840 accelerated the active minor impulse wave 5, which belongs to the higher order downward impulse wave (C) from the middle of August.
Given the clear daily downtrend and the rising bullish Canadian dollar sentiment due seen across the FX markets today, GBPCAD currency pair can be expected to fall further toward the next support level 1.6700 (low of the previous impulse wave 3).