USD/CAD may fall 41 - 59 pips

Our pivot point stands at 1.3715.

Our preference

The downside prevails as long as 1.3715 is resistance.

Alternative scenario

The upside breakout of 1.3715, would call for 1.3745 and 1.3762.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.3712 and 1.3720).

Supports and resistances

1.3762 **

1.3745 *

1.3715 **

1.3703

1.3689 last

1.3648

1.3630 **

1.3613 *

1.3595 **

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