USD/CAD may rise 38 - 56 pips

Our pivot point stands at 1.3706.

Our preference

The upside prevails as long as 1.3706 is support.

Alternative scenario

The downside breakout of 1.3706 would call for 1.3676 and 1.3658.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3728 and 1.3730).

Supports and resistances

1.3825 **

1.3808 *

1.3790 **

1.3772

1.3734 last

1.3717

1.3706 **

1.3676 *

1.3658 **

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