GBP CAD long (A pretty easy setup with a good risk to reward)

This is a pretty easy setup with a good risk to reward. It seems we have a 5 wave Elliot wave pattern. With these patterns it is very common to see wave 4 to retrace to the top of wave 1. We have 3 major trend lines running with the bull trend. We have a broken counter trend line and a deep retest of this counter trend line to the next trend line down.We have what appears to be a double bottom on wave 4 on the top of wave 1 where it is very common to see this. Stop loss could probably be tighter but I kept it below the minor wave swings above wave 4. This would be during the minor wave 3. Conservative take profit near the top of wave 3 and take profit 2 near the top of the previous highs above wave 3, where wave 5 can be expect to go to as long as it's not truncated. There is also a nice support level at the entry where we have many previous touches on historical data and well as a rectangular range.