The downward movement predicted last week for the GBP/CAD exchange rate did not come into reality. Bulls took control of the market and as a result, a breakout occurred through the upper boundary of a descending pattern.
After testing the 55-, 100-hour SMAs and the monthly pivot point near the 1.7328 area, the Pound Sterling continues its upside journey against the Canadian Dollar.
Given that the currency exchange rate has breached the upper border of the descending channel, it is expected for the pair to target 1.76 which is a resistance cluster set by the weekly and monthly PPs.
