EUR/CAD may fall 43 - 61 pips

Our pivot point is at 1.4966.

Our preference

The downside prevails as long as 1.4966 is resistance.

Alternative scenario

Above 1.4966, look for 1.4995 and 1.5013.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.4955 and 1.4952). Finally, the EUR/CAD is trading below its lower Bollinger band (standing at 1.4940).

Supports and resistances

1.5013 **

1.4995 *

1.4966 **

1.4954

1.4938 last

1.4895

1.4877 **

1.4860 *

1.4842 **

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