The GBP/CAD exchange rate has been guided by a standard deviation channel since March 20. The currency pair breached the lower boundary of a middle trend line on April 30 and has since reached a five-month low.
However, during the last few days, a breakout has occurred through the upper boundary of the mid-trendline. Furthermore, the pair has breached both the 55– and 100– hour SMAs.
As for near future, it is likely that bulls dominance over the currency exchange rate could come into play during the following trading sessions for a potential target of the 200– hour simple moving average located at 1.74.
