GBP/CAD may fall 46 - 69 pips

Our pivot point stands at 1.7643.

Our preference

The downside prevails as long as 1.7643 is resistance.

Alternative scenario

Above 1.7643, look for 1.7681 and 1.7704.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.7644 and 1.7656). Finally, the GBP/CAD has penetrated its lower Bollinger band (1.7614).

Supports and resistances

1.7704 **

1.7681 *

1.7643 **

1.7628

1.7610 last

1.7564

1.7541 **

1.7519 *

1.7496 **

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