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USD/CAD Technical Analysis 03.14.2013

USD/CAD Technical Analysis 03.14.2013

2013-03-14 12:42:00
Ilya Spivak, Head Strategist, APAC
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USD/CAD Technical Analysis- Prices continue to consolidate above 23.6% Fibonacci retracement support at 1.0217. The formation of a Triangle chart pattern argues for bullish continuation but negative RSI divergence warns of ebbing upside momentum and argues for a bearish scenario. A break below 1.0217 exposes the 38.2% Fib at 1.0140. Alternatively, a daily close back the 14.6% Fib expansion at 1.0310 confirms the Triangle and targets the 23.6% expansion at 1.0357.

Forex_USDCAD_Technical_Analysis_03.14.2013_body_Picture_5.png, USD/CAD Technical Analysis 03.14.2013

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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