USD/CAD may rise 29 - 40 pips

Our pivot point stands at 1.3617.

Our preference

Rise to 1.3675.

Alternative scenario

The downside breakout of 1.3617 would call for 1.3599 and 1.3588.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price is below its 20 period moving average (1.3637) but above its 50 period moving average (1.3633).

Supports and resistances

1.3697 **

1.3686 *

1.3675 **

1.3664

1.3635 last

1.3625

1.3617 **

1.3599 *

1.3588 **

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