USD/CAD may rise to 1.3977 - 1.4100

Pivot

1.3600

Our preference

Long positions above 1.3600 with targets at 1.3977 & 1.4100 in extension.

Alternative scenario

Below 1.3600 look for further downside with 1.3460 & 1.3360 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

1.4250 **

1.4100 ***

1.3977 ***

1.3768 Last

1.3600 ***

1.3460 ***

1.3360 ***

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