EUR/CAD may rise 40 - 59 pips

Our pivot point is at 1.5057.

Our preference

The upside prevails as long as 1.5057 is support.

Alternative scenario

The downside breakout of 1.5057 would call for 1.5024 and 1.5005.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 1.5075 and 1.5052). Finally, the EUR/CAD is trading above its upper Bollinger band (standing at 1.5088).

Supports and resistances

1.5191 **

1.5172 *

1.5152 **

1.5133

1.5093 last

1.5070

1.5057 **

1.5024 *

1.5005 **

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