USD/CAD - Bearish Consolidation
USD/CAD is still consolidating after setting a new 11-year high. The pair is showing signs of short-term exhaustion after its overextended rise. The short-term technical structure is positive as long as the hourly support implied by the uptrend channel holds.
In the longer term, the break of the key resistance at 1.3065 (13/03/2009 high) has indicated increasing buying pressures, which favours further medium-term strengthening. Support can be found at 1.1731 (06/01/2015 low).