USD/CAD may fall 38 - 54 pips

1.3650 is our pivot point.

Our preference

Technical rebound towards 1.3650 before a new drop.

Alternative scenario

The upside breakout of 1.3650, would call for 1.3678 and 1.3694.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (1.3622) but under its 50 period moving average (1.3629).

Supports and resistances

1.3694 **

1.3678 *

1.3650 **

1.3639

1.3627 last

1.3589

1.3573 **

1.3556 *

1.3540 **

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