GBP/CAD may rise 40 - 59 pips

Our pivot point stands at 1.7395.

Our preference

The upside prevails as long as 1.7395 is support.

Alternative scenario

The downside breakout of 1.7395 would call for 1.7362 and 1.7343.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7420 and 1.7423). Finally, the GBP/CAD has crossed above its upper Bollinger band (1.7428).

Supports and resistances

1.7529 **

1.7510 *

1.7490 **

1.7471

1.7431 last

1.7408

1.7395 **

1.7362 *

1.7343 **

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