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USD/CAD Technical Analysis: Upside Momentum Fading?

USD/CAD Technical Analysis: Upside Momentum Fading?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.2573, 1.2382, 1.2266
  • Resistance: 1.2691, 1.2882, 1.3036

The US Dollar continued to push higher against its Canadian namesake but RSI divergence hints upside momentum may be fading. A daily close below the 14.6% Fibonacci expansion at 1.2573 exposes the January 27 low at 1.2382. Alternatively, a push above the 23.6% level at 1.2691 clears the way for a challenge of the 38.2% Fib expansion at 1.2882.

We are leery of chasing prices higher at this point, particularly as critical event risk by way of the US GDP report looms ahead. With that in mind we will continue to stand aside, waiting for a more attractive opportunity to present itself.

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Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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