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.

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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.

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