USD/CAD Technical Analysis 05.30.2013
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
To contact Ilya, e-mail email@example.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.