The British Pound has continued its decline against the Canadian Dollar during the past week. The currency pair was pressured down by the 50-hour simple moving average.
The exchange rate was trading near the upper boundary of a descending channel pattern at 1.6828 during the morning hours of Tuesday’s trading session and could be set for a breakout.
However, a resistance level formed by the 50-hour SMA at 1.6828 could restrict bullish traders from pushing the currency exchange rate higher during the following trading sessions.
