Price in GBPCAD
is in a corrective structure. If it moves a little more to the down it forms a bullish ab=cd
pattern with it's D point at a key support zone
. Looking at the daily timeframe
we clearly see that price has already formed three waves of an elliott wave
cycle. The completion of the ab=cd
pattern equals the completion of an abc
corrective wave 4.
Profit target should be the c point of the pattern with an aggressive one the 1.27 extention of wave 3.