The strong bearish trend seems to be exhausting as the price is reaching a major daily support level of 1.65403. Candles on smaller time frames are showing rejection as they approach the support level.

This could be a good reversal trade though the price may remain bearish in the longer term. Price has dropped almost 600 Pips without making any considerable correction.

I am expecting the price will drop slightly further to 1.65403 and will test the major demand area before the projected correction to the 1.69421 resistance level.

There is no high-impact news due on the British Pound and Canadian Dollar. However, overall market will remain volatile due to the high-impact news on other currencies.

• GBP/CAD will possibly make correction and will retest the 1.69398 resistance level before continuing the bearish trend.  
• I would recommend managing this trade effectively as the market will potentially remain volatile through the rest of the week. 
• Entry and stoploss prices are placed at safe levels to ensure maximum winning probability.
• Good luck!

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