GBP/CAD may rise 36 - 53 pips

Our pivot point is at 1.7296.

Our preference

The upside prevails as long as 1.7296 is support.

Alternative scenario

The downside breakout of 1.7296 would call for 1.7268 and 1.7251.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7310 and 1.7309).

Supports and resistances

1.7415 **

1.7398 *

1.7381 **

1.7364

1.7328 last

1.7307

1.7296 **

1.7268 *

1.7251 **

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