The British Pound has been trading in a long-term ascending channel against the Canadian Dollar. The rate bounced off the bottom boundary of a dominant pattern on September 8, 2017, and has since reached a nine-month high at 1.8294.
Given that the exchange rate is moving towards the upper border of a secondary channel, a breakout is likely to occur during the following trading sessions. However, a resistance set by the monthly R3 at 1.8304 could force the currency pair to retrace south.
Technical indicators suggest that the GBP/CAD exchange rate could continue trading upside. Nevertheless, a retracement south is likely within the next 72 hours.
