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USD/CAD Technical Analysis 05.30.2013

By , Currency Strategist
30 May 2013 11:40 GMT

USD/CAD Technical Analysis– Prices put in a bearish Dark Cloud Cover below the 1.04 figure, warning a move lower may be ahead. Negative RSI divergence seems to reinforce the case for a pullback. The rising trend from the May 9 low has not been violated however and we will continue to hold long for now. A break below trend line support and the 23.6% Fibonacci retracement at 1.0324 exposes the 38.2% level at 1.0264.

Forex_USDCAD_Technical_Analysis_05.30.2013_body_Picture_5.png, USD/CAD Technical Analysis 05.30.2013

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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30 May 2013 11:40 GMT