USD/CAD: Week of April 14th, 2014

on Apr 12, 2014

**USD/CAD fell to 61.8% Fibonacci support at 1.0850 before bouncing late last week**

**MACD trending lower, but still near oversold territory**
**Resistance at the 20-day EMA may now cap rallies**
USD/CAD is our currency pair in play this week, due to a number of major data releases out of both the United States and Canada (see the “Global Data Highlights” section below for more). Looking to the chart, the pair has been in freefall since a failed breakout above 1.12 in mid-March. As of writing, rates are bouncing back slightly from the 61.8% Fibonacci retracement near 1.0850, but the MACD continues to show generally bearish momentum. Even with the late-week bounce, the Slow Stochastics are still near oversold territory, so a continued bounce back toward the 20-day EMA near 1.100 is a serious possibility early this week.


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