USD/CAD remains below its declining trendline. However, the support at 1.0710 has held thus far, indicating persistent buying interest. A key resistance lies at 1.0814 (previous support, see also the 200 day moving average). Another hourly support lies at 1.0694 (08/07/2014 high).
In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is at 1.1725. However, a break of the support area implied by the long-term rising trendline (around 1.0637) and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.
Daily Technical Report
