FX:GBPCAD British Pound/Canadian Dollar
The GBP/CAD is in a somewhat momentum as of late, however, looking at the bigger picture we're liking this pair for a short setup. As can be seen on the chart, we're looking at recent price action as a 5 wave corrective sequence within a bigger 5 wave sequence. Our current estimate is that the pair may indeed break higher, which could trigger a short entry for us at a well defined level, which coincides with the 38.2 fib of the overall move downwards. Our stop will be just above the latest swing high at around the 1.7900 handle, looking for a concluding impulse.