USD/CAD - Rising Towards 1.2000
USD/CAD has broken the strong resistance at 1.1725, opening the way for further mediumterm strength. The hourly resistance at 1.1844 (05/01/2015 high) is challenged, suggesting persistent short-term buying interest. Supports can be found at 1.1731 (06/01/2015 low) and 1.1674 (15/12/2014 high).
In the longer term, the technical structure looks like a rounding bottom whose maximum upside potential is given by the strong resistance at 1.3065 (09/03/2009 high). A key support stands at 1.1561 (17/12/2014 low). Key resistances are given by the psychological threshold at 1.2000 and 1.2506 (21/04/2009 high).