GBPCAD has had a prolonged downtrend, and is failing to make new lower highs and lower lows. A sign the trend may be exhausting at the 1.6000 zone.
Will assess the trade once we get a nice break and close above the 1.6090 zone. Be patient.
If you zoom out on the daily chart, you can see we are not really at a big support level. This big support level is actually lower at 1.5850 zone. If we break into new lower lows, look for support to come at this zone.