GBP/CAD may rise 35 - 51 pips

Our pivot point stands at 1.7415.

Our preference

As long as 1.7415 is support look for 1.7490.

Alternative scenario

The downside breakout of 1.7415 would call for 1.7389 and 1.7373.

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 1.7437 and 1.7431).

Supports and resistances

1.7521 **

1.7506 *

1.7490 **

1.7474

1.7439 last

1.7426

1.7415 **

1.7389 *

1.7373 **

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