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USD/CAD Technical Analysis: Downturn Clues Mounting

By , Currency Strategist
10 July 2013 13:18 GMT

USD/CAD Technical Analysis– Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Negative RSI divergence compounds the case for a downside scenario. Initial support is at 1.0468, the 23.6% Fibonacciretracement, with a break below that targeting the 38.2% level at 1.0311. Near-term resistance is at 1.0608, the July 5 high.

dailyclassics_usd-cad_body_Picture_5.png, USD/CAD Technical Analysis: Downturn Clues Mounting

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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10 July 2013 13:18 GMT