GBP/CAD may rise to 1.7604 - 1.7738

Our pivot point is at 1.7133.

Our preference

The upside prevails as long as 1.7133 is support.

Alternative scenario

The downside breakout of 1.7133 would call for 1.6907 and 1.6773.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7179 and 1.7157). Finally, the GBP/CAD has crossed above its upper Bollinger band (1.7327).

Supports and resistances

1.8007 **

1.7873 *

1.7738 **

1.7604

1.7330 last

1.7222

1.7133 **

1.6907 *

1.6773 **

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