GBP/CAD may rise 46 - 66 pips

Our pivot point stands at 1.7403.

Our preference

The upside prevails as long as 1.7403 is support.

Alternative scenario

The downside breakout of 1.7403 would call for 1.7370 and 1.7350.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7419 and 1.7417).

Supports and resistances

1.7535 **

1.7515 *

1.7496 **

1.7476

1.7430 last

1.7415

1.7403 **

1.7370 *

1.7350 **

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