GBPCAD has been dropping for the last couple of weeks and the price is reaching a major daily support level at 1.68606. Price will possibly retest the 1.68606 support level before heading for another major upward move.

Price is still Bullish on higher time-frames and the current drop is mainly just a pull-back. This level is a good area for a safe entry for buy trades. A bullish order block around the same area is additional confirmation for potential upward movement ahead.

The price will possibly reach the 1.70917 resistance level before making another drop.

High-impact news (CPI) is due today on USD, however, it will not impact GBPCAD significantly. There will possibly be volatility for a short period of time, but will not impact the pair significantly.

• My bias is bullish as price is still strongly bullish on the higher time-frames.
• This entry will possibly get us into nice impulsive move.  
• I don’t expect the stoploss to hit, as it is placed considering the possible downside slippage and fake breakout.
• Good luck

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