GBP/CAD may rise 37 - 55 pips

Our pivot point is at 1.7423.

Our preference

The upside prevails as long as 1.7423 is support.

Alternative scenario

The downside breakout of 1.7423 would call for 1.7393 and 1.7375.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7438 and 1.7445). Finally, the GBP/CAD has crossed above its upper Bollinger band (1.7451).

Supports and resistances

1.7542 **

1.7525 *

1.7507 **

1.7489

1.7452 last

1.7434

1.7423 **

1.7393 *

1.7375 **

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