EUR/CAD may rise 38 - 56 pips

Our pivot point is at 1.4956.

Our preference

Look for a drop towards 1.4956 before a bounce.

Alternative scenario

Below 1.4956, expect 1.4926 and 1.4909.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.4981 and 1.4979).

Supports and resistances

1.5077 **

1.5059 *

1.5042 **

1.5024

1.4986 last

1.4968

1.4956 **

1.4926 *

1.4909 **

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