GBP/CAD may rise 34 - 50 pips

1.7448 is our pivot point.

Our preference

As long as 1.7448 is support look for 1.7525.

Alternative scenario

The downside breakout of 1.7448 would call for 1.7420 and 1.7404.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7470 and 1.7452).

Supports and resistances

1.7558 **

1.7542 *

1.7525 **

1.7509

1.7475 last

1.7459

1.7448 **

1.7420 *

1.7404 **

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