The British Pound has surged by 2.48% against the Canadian Dollar since the beginning of July. The currency pair tested the upper boundary of a descending channel pattern at 1.7150 during yesterday’s trading session.
As for the near future, the GBP/CAD exchange rate could continue to surge. Bullish traders are likely to target the weekly R1 at 1.7278 during the following trading sessions.
However, if the currency exchange rate breaks the support cluster at 1.7085, a decline towards the 1.7000 could be expected in the shorter term.
