The British Pound is trading against the Canadian Dollar in the short term descending channel, which began to form after the currency pair broke through the bottom line of the previous medium term descending channel near 1.7503. In the nearest future the pair is about to face a strong support on its way consisting of the bottom trend line of the long-term ascending channel and 23.6% Fibonacci retracement level at 1.7128. The retracement levels for this pair are measured by connecting the 2016 high and low levels. Consequently, if the rate fails to break through this barrier, the junior pattern will be broken. However, this also means that the pair is going to resume an upward movement within the boundaries of the dominant channel.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.7449/68 | 55-period SMA; 200-period SMA | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 1.7345/59 | Weekly PP; Upper Bollinger Band | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 1.7310/16 | Monthly PP; Trend line | Stochastic (5; 3; 3) | Sell | Neutral | Sell | ||
| R1 | 1.7280 | 20-period SMA | ADX (14) | Sell | Sell | Buy | ||
| S1 | 1.7200 | Bottom Bollinger Band | CCI (14) | Neutral | Buy | Neutral | ||
| S2 | 1.7140/28 | Trend line; 23.6% Fibo | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.7082 | Weekly S1 | Alligator (13; 8; 5) | Sell | Neutral | Buy | ||
| S4 | 1.6931 | Weekly S2 | SAR (0.02; 0.2) | Buy | Sell | Buy | ||
| Aggregate | ↘ | → | ↗ |