GBP/CAD may rise 43 - 65 pips

Our pivot point stands at 1.7724.

Our preference

As long as 1.7724 is support look for 1.7823.

Alternative scenario

The downside breakout of 1.7724 would call for 1.7688 and 1.7666.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7743 and 1.7728).

Supports and resistances

1.7866 **

1.7844 *

1.7823 **

1.7801

1.7758 last

1.7738

1.7724 **

1.7688 *

1.7666 **

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