The British Pound has been appreciating in a short-term ascending channel pattern against the Canadian Dollar. The short-term pattern was formed on October 31.
The currency pair breached the weekly PP and the 50-hour simple moving average at 1.6973 during the Asian session on Tuesday. Most likely, the exchange rate will continue to depreciate within this session.
Given that the three moving averages are above the price level, bearish momentum could drive the GBP/CAD currency exchange rate to break the short-term ascending channel during the following trading days.
