The British Pound has been depreciating against the Canadian Dollar since the beginning of February after the currency pair reversed from the upper boundary of a triangle pattern at 1.7454 on February 3.

The exchange rate is currently trading near the bottom border of the triangle pattern at 1.7221 and could be set for a breakout.

If this breakout occurs, a decline towards the psychological support level at 1.7050 could be expected within this week’s trading sessions.

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Though, the 200– period simple moving average at 1.7151 could provide support for the currency exchange rate during the following trading sessions.