The GBP/CAD exchange rate has lost about 1.80% in value since last week’s trading sessions. The 50– hour simple moving average has continued to pressure the exchange rate lower.
Given that the 50-, 100– and 200-hour SMAs are above the price level, it is likely that the currency exchange rate will continue its decline during the following trading sessions.
Technical indicators flash sell signals on both the smaller and the larger time-frame charts. Therefore, bearish traders could drag the British Pound further south in the short-term.
