USD/CAD may fall to 1.3440 - 1.3600

Pivot

1.3900

Our preference

Short positions below 1.3900 with targets at 1.3600 & 1.3440 in extension.

Alternative scenario

Above 1.3900 look for further upside with 1.3977 & 1.4040 as targets.

Comment

The RSI is capped by a strong resistance, posting bearish divergence (not confirmed yet).

Supports and resistances

1.4040 **

1.3977 ***

1.3900 ***

1.3823 Last

1.3600 ***

1.3440 ***

1.3360 ***

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