GBP/CAD: Fibonacci Rejection & Oil StrengthBritish Pound/Canadian DollarFX:GBPCADfullpriceactionThe GBP/CAD 4H chart reveals a clearly bearish market structure that has accelerated following the breakout of a major horizontal support level in mid-February. This momentum is driven by a sharp fundamental divergence: on one hand, the British Pound (GBP) has shown persistent weakness for several weeks, struggling to find any sustainable rebound catalysts. On the other hand, the Canadian Dollar (CAD) maintains impressive relative strength, directly benefiting from its strong correlation with rising crude oil prices (WTI). From a technical perspective, the price has just completed a corrective "pullback" by precisely testing the resistance zone located between the 0.5 and 0.618 Fibonacci retracement levels (around 1.84700). This retest of a former support area now acting as resistance confirms the current selling pressure. The clean rejection observed at this technical pivot suggests an imminent resumption of the primary downtrend. As long as the price remains capped under this Fibonacci resistance zone, the outlook remains negative, with the main graphical target set at the 1.83000 psychological support level. Conclusion: The "weak GBP + strong CAD (oil-driven)" combination creates a powerful fundamental backdrop that supports the bearish scenario. Traders should monitor the 1.83000 level for further downside extension.