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USD/CAD Technical Analysis: Upside Momentum Fading?

Ilya Spivak

USD/CAD Technical Analysis– Prices are testing resistance at 1.0544, the 100% Fibonacciexpansion, with a break higher aiming for the 123.6% level at 1.0640. Emerging signs of negative RSI divergence warn of ebbing bullish momentum however and hint a turn lower may be ahead. Initial support is at 1.0447, the 76.4% Fib.

dailyclassics_usd-cad_body_Picture_7.png, USD/CAD Technical Analysis: Upside Momentum Fading?

Daily Chart - Created Using FXCM Marketscope 2.0

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

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