USD/CAD: The Short-Term Rising Trendline is Still in Place
USD/CAD has sharply retraced the rise made on 22 May, which led to the break of the strong resistance at 1.0342 (01/03/2013 high). However, the short-term rising trendline has thus far held, preserving a short-term supportive technical configuration. An hourly resistance lies at 1.0360 (intraday high). Hourly supports are at 1.0286 (23/05/2013 high) and 1.0217 (20/05/2013 low).
In the longer-term, we favour a bullish bias as long as the support at 1.0000 (14/02/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds. Key resistances are now at 1.0447 (04/06/2012 high) and 1.0658 (04/10/2011 high).