USD/CAD moved higher yesterday following the bullish intraday reversal made on 4 November. Monitor the key resistance implied by the declining channel (around 1.0507). Hourly supports can be found at 1.0398 (04/11/2013 low) and 1.0366.
In the longer term, the key resistance at 1.0870 (02/11/2009 high and the long-term declining trendline from the October 2002 peak) continues to represent a major hurdle. However, the successful test of the support area implied by the long-term rising trendline (around 1.0257) and the 200 day moving average favours a new test of this obstacle.