GBP/CAD is breaking decisively out of a Rising Wedge pattern and declining quite quickly.
It has breached the 1.7871, November 6 low, indicating a probable confirmed breakout. The next target to the downside is 1.7719, the October 3 swing low.
A break below that would probably initiate further weakness to the next target at 1.7518, the 61.8% extrapolation of the width of the Rising Wedge at its widest part extrapolated lower. This is the usual technical method for forecasting breakouts.
GBP/CAD broke temporarily above the upper guardrail of the Rising Wedge pattern on several occasions (blue circles on chart) on September 20 and November 1. This is a sign of bullish exhaustion and an early warning of impending reversal.