The British Pound has appreciated over 1.60% in values against the Canadian Dollar since February 5. The exchange rate reversed from a swing high of 1.7275 during last week’s Friday trading session.
As apparent on the 4(H) chart, the currency pair is currently moving towards the lower boundary of a junior ascending channel at 1.7029.
If the GBP/CAD currency exchange rate passes a support level formed by the bottom border of the channel, the general direction is expected to remain downward.
However, if the support level as mentioned earlier holds, the next upside target for the pair will be near the weekly R1 at 1.7319.
