USD/CAD Technical Analysis– Prices turned lower as suspected, completing a bearish Dark Cloud Cover candlestick to hint at continued weakness ahead. Near-term support is at 1.0444, the 23.6% Fibonacciretracement, with a break below that eyeing the 38.2% level at 1.0361. Resistance is at 1.0544, the 100% Fib expansion. A push higher beyond that aims for the 123.6% mark at 1.0640. Negative RSI divergence continues to argue in favor of a downside scenario.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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