The GBP/CAD exchange rate has declined by 3.43% since the beginning of May. The currency pair tested the lower boundary of a descending channel pattern at 1.7000 on May 19.
All things being equal, the British Pound could edge higher against the Canadian Dollar within this week’s trading sessions. The potential target for bulls could be at the 1.7300 area.
However, technical indicators suggest that the currency exchange rate could continue to decline during the following trading sessions.
