USD/CAD may rise 24 - 35 pips

1.3726 is our pivot point.

Our preference

The upside prevails as long as 1.3726 is support.

Alternative scenario

Below 1.3726, expect 1.3707 and 1.3696.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.3708 and 1.3684).

Supports and resistances

1.3810 **

1.3798 *

1.3787 **

1.3776

1.3752 last

1.3734

1.3726 **

1.3707 *

1.3696 **

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