USD/CAD has breached the strong resistance at 1.0658 (04/10/2011 high). A short-term bullish bias is favoured as long as the hourly support at 1.0602 (intraday low) holds. Another support can be found at 1.0559 (29/11/2013 low).
In the longer term, the strong resistance at 1.0870 (02/11/2009 high, see also 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.
Daily Technical Report
