GBP/CAD may rise 38 - 53 pips

Our pivot point is at 1.7455.

Our preference

As long as 1.7455 is support look for 1.7530.

Alternative scenario

The downside breakout of 1.7455 would call for 1.7429 and 1.7414.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7468 and 1.7432).

Supports and resistances

1.7560 **

1.7545 *

1.7530 **

1.7515

1.7477 last

1.7465

1.7455 **

1.7429 *

1.7414 **

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