USD/CAD may rise 40 - 57 pips

1.3641 is our pivot point.

Our preference

The upside prevails as long as 1.3641 is support.

Alternative scenario

Below 1.3641, expect 1.3611 and 1.3594.

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 above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.3642 and 1.3628). Finally, the USD/CAD is trading above its upper Bollinger band (standing at 1.3664).

Supports and resistances

1.3762 **

1.3745 *

1.3727 **

1.3710

1.3670 last

1.3652

1.3641 **

1.3611 *

1.3594 **

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