USD/CAD: Moving Higher
USD/CAD has broken the key resistance defined by the high of the medium-term declining channel and 1.0250 (12/07/2012 high). Resistances can be found at 1.0363 (28/06/2012 high) and 1.0447 (04/06/2012 high). A support is at 1.0217 (28/02/2013 low).
A decisive weekly close above the mediumterm declining channel (linking the April 2011 high with the April 2012 high) would invalidate our scenario of a return towards the support at 0.9633 (14/09/2012 low) in the long-term. A key resistance lies at 1.0447 (04/06/2012 high).