GBP/CAD may fall 43 - 62 pips

Our pivot point is at 1.7386.

Our preference

The downside prevails as long as 1.7386 is resistance.

Alternative scenario

Above 1.7386, look for 1.7418 and 1.7438.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.7362 and 1.7362).

Supports and resistances

1.7438 **

1.7418 *

1.7386 **

1.7373

1.7350 last

1.7307

1.7288 **

1.7268 *

1.7249 **

Number of asterisks represents the strength of support and resistance levels.