GBPCAD – Bearish Breakout Below The Pattern

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GBPCAD – Bearish Breakout Below The Pattern

GBPCAD has broken below the pattern, showing early signs of a bearish continuation movement.

After this breakout, the price may take a small pause before continuing lower.

However, considering that Canada reported a strong increase in employment data in September, this could further increase the bullish momentum for the Canadian dollar, pushing GBPCAD down further without any longer pause..

The market has been on hold all week as the economic calendar was almost empty and this news was a reason to start moving again.

Employment in Canada in September was +60.4k vs. +5.0k expected and the unemployment rate came in at 7.1% vs. +7.2% expected.

Targets to watch:
1.8500
1.8420
1.8300

You may find more details in the chart!
Thank you and Good Luck!