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Talking Points:
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USD/CAD Technical Strategy: Flat
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Support: 1.1204 1.1092 1.1002
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Resistance: 1.1321 1.1390 1.1502
The US Dollar may be topping against its Canadian counterpart as negative RSI divergence warns of ebbing upside momentum. A daily close below the 23.6% Fibonacci retracement at 1.1204 exposes a rising channel floor at 1.1159. Alternatively a push above the 14.6% Fib expansion at 1.1321 opens the door for a challenge of 1.1390 the intersection of the 23.6% threshold and the channel top.
Positioning is inconclusive at this point. While RSI divergence hints a turn lower is ahead confirmation on a break through support that would invalidate the uptrend from September low is still pending. On the other hand a defined bullish signal countering negative cues is absent. We will remain flat for now until greater clarity emerges.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak Currency Strategist for DailyFX.com
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