USD/CAD Technical Analysis– Prices put in a bearish Dark Cloud Cover below the 1.04 figure, warning a move lower may be ahead. Negative RSI divergence seems to reinforce the case for a pullback. The rising trend from the May 9 low has not been violated however and we will continue to hold long for now. A break below trend line support and the 23.6% Fibonacci retracement at 1.0324 exposes the 38.2% level at 1.0264.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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