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USD/CAD Technical Analysis 03.13.2013

USD/CAD Technical Analysis 03.13.2013

Ilya Spivak, Head Strategist, APAC

USD/CAD Technical Analysis- Prices slipped below support at 1.0264, the 14.6% Fibonacci retracement, exposing the 23.6% level at 1.0217. Negative RSI divergence reinforces the case for a downside scenario. A break below 1.0217 exposes the 38.2% Fib at 1.0140. Alternatively, a daily close back above 1.0264 aims for the March 1 high at 1.0341.

Forex_USDCAD_Technical_Analysis_03.13.2013_body_Picture_5.png, USD/CAD Technical Analysis 03.13.2013

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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