EUR/CAD may rise 42 - 61 pips

1.5030 is our pivot point.

Our preference

The upside prevails as long as 1.5030 is support.

Alternative scenario

Below 1.5030, expect 1.4997 and 1.4978.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 1.5043 and 1.5032). Finally, the EUR/CAD has crossed above its upper Bollinger band (1.5066).

Supports and resistances

1.5170 **

1.5150 *

1.5131 **

1.5112

1.5070 last

1.5043

1.5030 **

1.4997 *

1.4978 **

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