Forex market analysis shows movements in GBPCAD and USDCAD

Technical analysis reports indicate recent price movements in the GBPCAD and USDCAD currency pairs.

Regarding GBPCAD, Elliott Wave analysis identified a three-wave pullback that reached an ‘Equal Legs’ zone between 1.8766 and 1.8685. Following this, buyers entered the market, leading to a corrective cycle completion at 1.8749 and a subsequent price bounce.

For USDCAD, market observations show a bearish breakout from a key horizontal level at 1.42089. Analysts suggest a bearish bias for the pair, anticipating further downward movement following potential pullbacks.