Nice little setup to kick off 2020! here we have GBPCAD in a retracement phase on the hourly timeframe. I'm looking for the 38.2% daily bearish fib (red fib) to be hit which is sitting at 1.73000 to retest and carry on the down trend. On the hourly timeframe, price is making new higher highs and higher lows. Price is currently tapping the ascending trendline for the third time with previous support in play, as well as the hourly 61.8% bullish fib and the 50 ema (hourly and 4 hourly) acting as dynamic support. My Main TP will be the -61.8% bull fib as there is a number of confluences lining up for that area to be hit on multiple time frames.