USD/CAD - Multi-Month Consolidation Broken to The Downside
USD/CAD has broken to the downside out of its multi-month consolidation phase. A support can be found at 1.2047 (intraday low). Hourly resistances stand at 1.2388 (08/04/2015 low) and 1.2445 (14/04/2015 low).
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). The break of the key support at 1.2352 (03/02/2015 low) indicates increasing selling pressures, which favours further medium-term weakness. A support lies at 1.1992 (see the 38.2% retracement).