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USD/CAD Chart Setup Warns of Weakness Ahead

USD/CAD Chart Setup Warns of Weakness Ahead

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices are testing resistance at 1.0325, the 138.2% Fibonacci expansion. Negative RSI divergence warns of ebbing bullish momentum, hinting at weakness ahead. A break below initial support at 1.0258, the 114.6% level, exposes the 1.0207-19 area marked by the 100% Fib as well as formerly broken channel and trend line resistance levels now recast as support. An actionable trade setup is absent and we will stand asidefor now.

Forex_Analysis_USDCAD_Chart_Setup_Warns_of_Weakness_Ahead_body_Picture_5.png, USD/CAD Chart Setup Warns of Weakness Ahead

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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