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USD/CAD: Breaking Out of Its Declining Channel

USD/CAD has broken to the upside out of its declining channel. A further short-term rise is favoured. Resistances stand at 1.0568 and 1.0609. Supports can be found at 1.0485 (19/11/2013 high) and 1.0436 (20/11/2013 low).

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 and the 200 day moving average favours a new test of this obstacle.

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