USD/CAD Technical Analysis– Prices took out resistance at 1.0544, the 23.6% Fibonacciretracement, with the bulls now aiming to challenge the 123.6% mark at 1.0640. Negative RSI divergence continues to warn of ebbing upside momentum however. The 1.0544 mark has been recast as near-term support, with a back beneath that eyeing the 76.4% expansion at 1.0447.
Daily Chart – Created Using FXCM Marketscope 2.0
— Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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