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USD/CAD: Consolidating

USD/CAD continues to bounce after the 23 May sharp decline. Monitor the test of the hourly resistance at 1.0360 (intraday high). Another resistance can be found at 1.0394. An hourly support is at 1.0286 (23/05/2013 low). Another support can be found at 1.0217 (20/05/2013 low).

In the longer-term, we favour a bullish bias as long as the support at 1.0000 (14/02/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds. Key resistances are now at 1.0447 (04/06/2012 high) and 1.0658 (04/10/2011 high).

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