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USD/CAD: Bullish Breakout at 1.0100

USD/CAD has broken its resistance at 1.0100. The next resistance is given by the declining channel. Hourly supports can be found at 1.0058 (18/02/2013 low) and 1.0000 (14/02/2013 low).

The break of the resistance at 1.0100 has stopped our short strategy.

We see the rise from 0.9633 (14/09/2012 low) as a countertrend move. A key resistance is between 1.0232 (25/07/2012 high) and 1.0250 (12/07/2012 high). A test of the support at 0.9633 (14/09/2012 low) is likely in the long-term.

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