EUR/CAD may rise 30 - 45 pips

Our pivot point stands at 1.4758.

Our preference

The upside prevails as long as 1.4758 is support.

Alternative scenario

The downside breakout of 1.4758 would call for 1.4733 and 1.4718.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.4761 and 1.4752). Finally, the EUR/CAD is trading above its upper Bollinger band (standing at 1.4777).

Supports and resistances

1.4854 **

1.4839 *

1.4824 **

1.4809

1.4779 last

1.4768

1.4758 **

1.4733 *

1.4718 **

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