USD/CAD intraday: look for a drop towards 1.3502 before a bounce

Our pivot point stands at 1.3502.

Our preference: look for a drop towards 1.3502 before a bounce.

Alternative scenario: below 1.3502, expect 1.3464 and 1.3442.

Comment: the RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (1.3539) but above its 50 period moving average (1.3531).

Supports and resistances:

1.3652 **

1.3630 *

1.3607 **

1.3585

1.3538 last

1.3516

1.3502 **

1.3464 *

1.3442 **

Head of Research at TRADING CENTRAL: Rémy GAUSSENS

TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.

Written on 03-31-2023 at 20:21 UTC+1

Price reference: 1.3538 last known on 03-31-2023 at 20:21 UTC+1

Investment horizon: INTRADAY