• GBP/CAD has broken below the confirmation level for the breakout from its Rising Wedge pattern. 
• It is likely to continue lower until it fulfills the minimum price objective for the pattern. 

GBP/CAD is extending its decline after breaking out of a bearish Rising Wedge pattern. 

The pair has already pierced below the October 3 lows (dashed red line), one of the confirmation levels for the pattern and is therefore likely to continue lower. 

GBP/CAD Daily Chart 

The next target to the downside is 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. 

Prior to the breakdown, 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.