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  • GBP/CAD is meeting a critical technical resistance zone.  
  • Bulls will be in the clear on a break of the 61.8%.

As per the prior analysis, GBP/CAD Price Analysis: Bulls stepping in at weekly demand zone, the price did indeed head higher.  

Prior analysis

The daily chart offers prospects of a significant 38.2% Fibonacci retracement to prior lows before the market can extend further to the downside.  

Prior analysis, daily chart

Live market, daily chart

The price exceeded the 38.2% Fibo and rallied all the way to test the 61.8% Fibo.  

This would now be expected to hold initial tests, but a break will open risk to an upside.

However, the current  is with the bears within the broader  downtrend, so if the resistance structure holds, there is a high probability of a downside continuation.