USD/CAD Technical Analysis- Prices are testing support at 1.0264, the 14.6% Fibonacci retracement. Negative RSI divergence warns of ebbing bullish momentum, hinting at weakness ahead. A break downward aims for the 1.0210-17 area, marked by the 23.6% Fib and formerly broken trend line and rising channel resistance levels. Near-term resistance is at 1.0341, the March 1 high.

Daily Chart - Created Using FXCM Marketscope 2.0

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.