GBP/CAD may rise 62 - 91 pips

Our pivot point is at 1.7855.

Our preference

The upside prevails as long as 1.7855 is support.

Alternative scenario

The downside breakout of 1.7855 would call for 1.7807 and 1.7778.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7875 and 1.7893).

Supports and resistances

1.8045 **

1.8017 *

1.7988 **

1.7959

1.7897 last

1.7874

1.7855 **

1.7807 *

1.7778 **

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