USD/CAD may fall 39 - 56 pips

Our pivot point is at 1.3791.

Our preference

The downside prevails as long as 1.3791 is resistance.

Alternative scenario

The upside breakout of 1.3791, would call for 1.3820 and 1.3837.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3778 and 1.3780).

Supports and resistances

1.3837 **

1.3820 *

1.3791 **

1.3780

1.3765 last

1.3726

1.3709 **

1.3691 *

1.3674 **

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