FX.co ★ USD/CAD technical overview for May 26, 2011

At the moment the price is testing the resistance level formed by the resistance line of the price channel in a daily graph. The price has broken up the Fibonacci level 38.2, however, at the same time the price did not get a strong impulse for upside movement after the break.
The Standard Devation Indicator shows high volatility and higher dispersion of the price. High readings of this indicator show possible reverse of the current movement to the downside. Oscillators add up to this possibility. The RSI-14 is very close to the overbought zone. The Stochastic Oscillator also shows possible rebound of the price.