USD/CAD may fall 37 - 53 pips

Our pivot point stands at 1.3869.

Our preference

The downside prevails as long as 1.3869 is resistance.

Alternative scenario

Above 1.3869, look for 1.3896 and 1.3912.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.3848 and 1.3850).

Supports and resistances

1.3912 **

1.3896 *

1.3869 **

1.3858

1.3843 last

1.3806

1.3790 **

1.3774 *

1.3757 **

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