GBP/CAD Price Analysis: Bulls target a 38.2% retracement

• 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.