The GBP/CAD currency pair traded sideways during last week’s trading sessions. The 50-hour simple moving average provided resistance for the exchange rate at 1.6965.
The British Pound was trading near the upper boundary of a descending channel pattern at 1.6807 and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R2 at 1.7055 could be expected during the following trading sessions.
On the other hand, if the descending channel holds, the currency exchange rate will continue its downward movement in the shorter term.
