USD/CAD may rise to 1.3873 - 1.3946

Pivot

1.3420

Our preference

Long positions above 1.3420 with targets at 1.3873 & 1.3946 in extension.

Alternative scenario

Below 1.3420 look for further downside with 1.3360 & 1.3285 as targets.

Comment

The RSI has struck against a major resistance around 70% and is reversing down.

Supports and resistances

1.4048 **

1.3946 ***

1.3873 ***

1.3782 Last

1.3420 ***

1.3360 ***

1.3285 ***

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