EUR/CAD may fall 42 - 60 pips

Our pivot point is at 1.5000.

Our preference

Under pressure below 1.5000.

Alternative scenario

Above 1.5000, look for 1.5030 and 1.5047.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.4985 and 1.4977). Finally, the EUR/CAD is trading below its lower Bollinger band (standing at 1.4974).

Supports and resistances

1.5047 **

1.5030 *

1.5000 **

1.4988

1.4969 last

1.4927

1.4909 **

1.4891 *

1.4874 **

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