Technical Analysis – USDCAD falls for second day
Posted on August 27, 2014 at 10:06 am GMTUSDCAD is weakening and falling for a second day. The recent rally from the July 3 low of 1.0619 to August 6 high of 1.0984 has stalled and since then the trend has been sideways. The tenkan-sen and kijun-sen lines are now flat and RSI has turned down, all signaling that the upward momentum has faded. There was an attempt to breach resistance at 1.0984 (Aug 6 high) but failed. So this false breakout favors further short-term weakness. Near-term support [..]