USD/CAD Technical Analysis 03.14.2013
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.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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