EUR/CAD may fall 41 - 59 pips

Our pivot point is at 1.5160.

Our preference

The downside prevails as long as 1.5160 is resistance.

Alternative scenario

The upside breakout of 1.5160, would call for 1.5190 and 1.5209.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.5144 and 1.5132). Finally, the EUR/CAD is trading below its lower Bollinger band (standing at 1.5129).

Supports and resistances

1.5209 **

1.5190 *

1.5160 **

1.5147

1.5128 last

1.5087

1.5069 **

1.5051 *

1.5032 **

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