USD/CAD intraday : the downside prevails as long as 1.3829 is resistance

Our pivot point is at 1.3829.

Our preference: the downside prevails as long as 1.3829 is resistance

Alternative scenario: above 1.3829, look for 1.3850 and 1.3863.

Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3829 and 1.3838). Finally, the USD/CAD is trading below its lower Bollinger band (standing at 1.3810).

Supports and resistances:

1.3863 **

1.3850 *

1.3829 **

1.3821

1.3804 last

1.3779

1.3767 **