The British Pound has been depreciating in a short-term descending channel pattern against the Canadian Dollar. This descending channel pattern was formed on March 28.
The exchange rate is currently heading towards the bottom border of a dominant ascending channel at 1.7313.
Most likely, the currency exchange rate will continue its decline within this trading session.
Given that the 50-, 100– and 200-hour SMAs are above the price level, bearish traders could push the GBP/CAD pair to break the dominant ascending channel during the following trading sessions.
