samer.forums :
Yes you can connect them but two GTX 1070 using 550 watts will make the power supply run at 90%
Total system power gaming with one GTX 1070 is 310 watts (Anandtech review)
Another Card will add 150-180 watts , will be ~490 watts ..
will work but will be on the edge of the powersupply
CX550M (2015) can deliver 550watts on 12V it is very capable power supply
Make sure it is the 2015 model
You are making the assumption that OP has the exact same system as a review. OP didn't tell anything about his system so we need to consider worst case. A GTX 1070 will be at 150W yes, but only for the reference cards. A 3rd party overclocked card will draw more power and some of them can get close to 200W.
With that said, and assuming his system will draw 490-500W like you assume, it is very close to the limit of that PSU. If you check the specs it is only rated at 40 C, which at 90% load, it could easily get hotter than 40 C and above that temp it can no longer supply 550W. High quality PSUs is rated for 50 C and overall has better cooling with better fans. They also have caps rated at a higher temp.
In the end, the CX550 is a decent PSU for a low or medium end build. But it is definitely not the choice for SLI or overclocking. A medium quality PSU like the CX series should not be pushed to the limits.