USD/CAD Technical Analysis 03.05.2013
USD/CAD Technical Analysis- Prices are testing support at 1.0264, the 14.6% Fibonacci retracement. Negative RSI divergence warns of ebbing bullish momentum, hinting at weakness ahead. A break downward aims for the 1.0212-17 area, marked by the 23.6% Fib and formerly broken trend line and rising channel resistance levels. Near-term resistance is at 1.0341, the March 1 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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