The British Pound has been depreciating against the Canadian Dollar since the beginning of February after the currency pair reversed from the upper boundary of a triangle pattern at 1.7454 on February 3.
The exchange rate is currently trading near the bottom border of the triangle pattern at 1.7221 and could be set for a breakout.
If this breakout occurs, a decline towards the psychological support level at 1.7050 could be expected within this week’s trading sessions.
Though, the 200– period simple moving average at 1.7151 could provide support for the currency exchange rate during the following trading sessions.
