EUR/CAD may rise 28 - 40 pips

Our pivot point is at 1.4775.

Our preference

The upside prevails as long as 1.4775 is support.

Alternative scenario

The downside breakout of 1.4775 would call for 1.4755 and 1.4743.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.4790 and 1.4793).

Supports and resistances

1.4860 **

1.4848 *

1.4836 **

1.4824

1.4796 last

1.4783

1.4775 **

1.4755 *

1.4743 **

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