The Pound Sterling has edged lower by 1.78% against the Canadian Dollar since August 20. The currency pair breached the 50– and 200– period simple moving averages last week.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern.
If the channel pattern holds, the currency exchange rate could make a pullback towards the 1.7500 level during the following trading sessions.
However, if the GBP/CAD pair breaks the ascending channel pattern, bearish traders could target the weekly S2 at 1.1764 this week.
