EUR/CAD may rise 30 - 45 pips

Our pivot point stands at 1.4704.

Our preference

The upside prevails as long as 1.4704 is support.

Alternative scenario

The downside breakout of 1.4704 would call for 1.4679 and 1.4664.

Comment

The RSI is above 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 1.4723 and 1.4716). Finally, the EUR/CAD has crossed above its upper Bollinger band (1.4732).

Supports and resistances

1.4808 **

1.4793 *

1.4778 **

1.4763

1.4733 last

1.4714

1.4704 **

1.4679 *

1.4664 **

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