On the Daily chart of GBPCAD we see a nice five wave structure from the 1.8147 area. That means that now we expect price to make a three wave recovery into red waves (a), (b) and (c). Waves (a) and (b) seems to be completed and now wave c) is in the making. Waves (a) and (c) consists out of five sub waves, while wave (b) has only three waves. That said wave (c) could now reach the fibo. level of 50% or 61.8%, before turning up again and starting a new bullish cycle.