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USD/CAD: Grinding Higher

USD/CAD is challenging the resistance at 1.0318 (18/09/2013 high). Another resistance can be found at 1.0358. An hourly support is at 1.0263 (20/09/2013 low). A key support area stands around 1.0182 (see the long-term rising trendline and the 200 day moving average).

In the longer term, the key resistance at 1.0870 (02/11/2009 high, see also the long-term declining trendline from the October 2002 peak) is expected to cap the medium-term upside potential. Furthermore, a decisive break of the support area between 1.0246 (31/07/2013 low) and the long-term rising trendline (around 1.0200) would deteriorate the long-term technical structure.

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