USD/CAD has broken the key resistance at 1.0814 (previous support, see also the 200 day moving average), suggesting a further rebound towards the key resistance at 1.0961 (see also the 50% retracement). A first resistance can be found at 1.0892 (18/06/2014 high). Hourly supports are given by 1.0797 (29/07/2014 low) and the rising channel (around 1.0756).

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 and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.

Daily Technical Report