USD/CAD: The Key Resistance at 1.0447 Has Been Broken
USD/CAD has broken the key resistance at 1.0447 (04/06/2012 high). However, strong resistances lie at 1.0524 and 1.0658. A short-term bullish bias is still favoured as long as the hourly support at 1.0440 (intraday low) holds. Another support can be found at 1.0363 (21/06/2013 low).
In the longer-term, the technical improvements (see broken declining trendlines) call for a test of the long-term declining trendline (see also the key resistance at 1.0870 (02/11/2009 high)). We favour a bullish bias as long as the support at 1.0137 (14/06/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds. An initial key resistance lies at 1.0658 (04/10/2011 high).