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  • GBP/CAD bulls taking on bearish commitments at hourly resistance.  
  • A 38.2% Fibonacci retracement is a probability as price consolidated the downside.  

The daily chart is consolidating the downside following a bearish impulse which gives rise to a 38.2% Fibonacci retracement that meets prior lows.  

The following illustrates where the next bullish opportunity could arise before a downside continuation.  

Daily chart

Hourly chart

From an hourly perspective, the bulls have been resisted on the initial corrective attempts but on a retest of the resistance, the 38.2% Fibonacci level will be exposed again.