USD/CAD may fall 48 - 64 pips

Our pivot point is at 1.3843.

Our preference

As long as 1.3843 is resistance look for 1.3754.

Alternative scenario

The upside breakout of 1.3843, would call for 1.3870 and 1.3886.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3821 and 1.3818).

Supports and resistances

1.3886 **

1.3870 *

1.3843 **

1.3832

1.3818 last

1.3770

1.3754 **

1.3738 *

1.3722 **

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