GBPCAD is currently in a big ABC correction. We saw a really complex midsection (wave B).
We are now looking for bullish price action to catch wave C, which is going to be a massive 2500pips.
Trade Idea: - we are currently seeing a brief retracement on lower timeframe. Watch for that to complete and bullish price action to appear - When bullish price action appears, enter with stops below the lows - Targets: 1.66 (1100pips), 1.76 (2100pips), 1.8 (2500pips)
Please be cautious when trading GBPCAD as its really volatile.
I think the idea is nice. However, the last downturn coincides exactly with the start of the Ukrainian War and the resulting increase in oil prices has made the Loonie particularly strong. If we enter a world wide recession you will see a drop in oil prices that could in turn lead to a correction as per your graph. It all depends a lot on what happens with the fed and how strong the US economic recovery is.