USD/CAD is challenging the resistance at 1.0436 (see also the declining trendline). Hourly supports lie at 1.0359 (12/07/2013 low) and 1.0326 (11/07/2013 low). Another resistance lies at 1.0501 (61.8% retracement of the current decline).

In the longer-term, the technical improvements call for a test of the key resistance at 1.0870 (02/11/2009 high, see also the long-term declining trendline from the October 2002 peak). We favour a medium-term bullish bias as long as the support at 1.0137 (14/06/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds.

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