USD/CAD intraday : the RSI is overbought

Our pivot point is at 1.3982.

Our preference: the upside prevails as long as 1.3982 is support

Alternative scenario: below 1.3982, expect 1.3961 and 1.3948.

Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3961 and 1.3954). Finally, the USD/CAD is trading above its upper Bollinger band (standing at 1.4001).

Supports and resistances:

1.4083 **

1.4070 *

1.4057 **

1.4044

1.4018 last

1.3991

1.3982 **