GBP/CAD may fall 55 - 81 pips

Our pivot point is at 1.7851.

Our preference

The downside prevails as long as 1.7851 is resistance.

Alternative scenario

The upside breakout of 1.7851, would call for 1.7894 and 1.7921.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.7816 and 1.7814).

Supports and resistances

1.7921 **

1.7894 *

1.7851 **

1.7833

1.7807 last

1.7752

1.7726 **

1.7700 *

1.7674 **

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