A junior descending channel pattern has guided the movement of the GBP/CAD exchange rate lower.
Everything being equal, it is likely that the Pound Sterling continues its decline against the Canadian Dollar this week. The first target for bearish traders will be at October 3 swing low of 1.66. Thereafter, a brief retracement towards the upper boundary of the junior descending channel at 1.6647 could follow.
Meanwhile, technical indicators on the daily time-frame suggest that the currency exchange rate is in the oversold zone.
