USD/CAD - Breaking Resistance at 1.3053
USD/CAD is still increasing. Hourly resistance at 1.3053 has been broken (22/07/2015 high). Hourly support is given at 1.2540 (02/07/2015 low). Stronger support can be found at 1.2363 (30/06/2015 low). While we remain bullish on the pair as long as the technical structure suggests an upside momentum, we are still expecting a bounce in the short-term.
In the longer term, the break of the key support at 1.2352 (03/02/2015 low) indicates increasing selling pressures, which favours further medium-term weakness. As a result, a significant top has likely been made at 1.3103 (16/07/2015 high). Support can be found at 1.1731 (06/01/2015 low).