EUR/CAD may fall 34 - 48 pips

1.4682 is our pivot point.

Our preference

Under pressure below 1.4682.

Alternative scenario

The upside breakout of 1.4682, would call for 1.4705 and 1.4719.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.4670 and 1.4660). Finally, the EUR/CAD has penetrated its lower Bollinger band (1.4660).

Supports and resistances

1.4719 **

1.4705 *

1.4682 **

1.4673

1.4659 last

1.4625

1.4611 **

1.4598 *

1.4584 **

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