The Pound Sterling versus the Canadian Dollar has revealed a new junior descending channel pattern. This channel pattern has guided the currency pair towards a one-month low at 1.6969.
The exchange rate was stranded between SMAs during the morning hours of today’s trading session. The 200-hour simple moving average was providing resistance for the pair at 1.7135, while the 50-hour SMA and the weekly PP at 1.7082 were supporting the rate.
A breakout through the upper boundary of the junior descending channel is likely to occur within this session. If the breakout occurs, a surge towards 1.7350 could be expected.
