The Pound Sterling has declined by 1.13% against the Canadian Dollar during the past two weeks. The decline was stopped by the 200– period simple moving average on January 4.
All things being equal, the exchange rate is likely to edge higher in an ascending channel pattern during the following trading sessions. The potential target for bulls would be at the 1.7600 level.
However, given that the currency exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout could occur within this week’s trading sessions.
