The British Pound has been declining in an ascending channel pattern against the Canadian Dollar since the middle of December. The decline began after the currency pair reversed from the upper border of the channel pattern at 1.7778 on December 13.
The exchange rate is currently trading near the bottom border of the ascending channel pattern at 1.7017 and could be set for a breakout.
If this breakout occurs, the GBP/CAD pair could continue to trade south within this week’s trading session.
However, if the channel pattern holds, bullish traders could drive the currency exchange rate higher during the following trading sessions
