The British Pound has depreciated about 2.37% of its values against the Canadian Dollar during the last week. The decline began after the exchange rate tested the upper boundary of a dominant descending channel pattern at 1.7500 on January 29.
The currency pair is currently trading near the bottom border of an ascending channel at 1.7093 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target a swing low of 1.6830 during the following trading sessions.
However, if the bottom border of the channel pattern holds, the pair could aim for the 50-hour SMA at 1.7319 within this session.
