GBPCAD has been moving south for a long time. Looking on H4 chart we will see that, according to my earlier projection, after a correction lasting from 21.07.2017, strong supply response occurred near 1.6690 level. Since then, we have seen declines again, and as a result the course has already breached and re-tested, rejecting 1.6240 level.
Today, after publication of Canadian retail sales data in June 2017, we observed strong appreciation of the Canadian dollar, resulting in GBPCAD’s lowest level since January 17th.Looking at weekly chart, we will see that if this trend continues, in the near future, we may expect to test again January lows (1.5750) or even vicinity of 1.5150.
