GBP/CAD falls sharply on broad based Sterling selloff today. Deeper decline should now be seen to support zone between 1.6810 and trend line support (now at 1.6865). One interpretation is that price actions from 1.6542 are a triangle pattern. Decisive break of 1.6810 support will indicate that such triangle has completed with five waves to 1.7496. The decline from 1.8052 would then be resuming through 1.6542 support. In that case, we’re probably looking at a medium term down move back to 1.5746.5875 support zone.
