News event that could affect this trade
. (GBP) PPI, CPI
. (CAD) Retail Sales
GBPCAD is trading at daily resistance level in confluence with MM3. I'd go into smaller TF and look for selling opportunity.
On hourly, price reversed from WM3 - bears sell zone for the week. I'm looking to enter somewhere between 38.2-61.8 Fib level. Alternatively, if price fail to reach any of that level, I'd take the breakout trade at the break off the trendline.