USD/CAD Technical Analysis: Downturn Clues Mounting
USD/CAD Technical Analysis– Prices put in a bearish Evening Star candlestick pattern, hinting a move lower is ahead. Negative RSI divergence compounds the case for a downside scenario. Initial support is at 1.0468, the 23.6% Fibonacciretracement, with a break below that targeting the 38.2% level at 1.0311. Near-term resistance is at 1.0608, the July 5 high.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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