GBP/CAD may rise 70 - 98 pips

Our pivot point is at 1.7816.

Our preference

The upside prevails as long as 1.7816 is support.

Alternative scenario

The downside breakout of 1.7816 would call for 1.7769 and 1.7740.

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 1.7838 and 1.7813).

Supports and resistances

1.8010 **

1.7981 *

1.7953 **

1.7925

1.7855 last

1.7835

1.7816 **

1.7769 *

1.7740 **

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