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USD/CAD - Making 5-Year Highs

USD/CAD has broken the resistance at 1.1385 (15/10/2014 high), confirming the underlying bullish trend. Hourly supports can be found at 1.1385 (previous resistance) and 1.1340 (04/11/2014 low). A resistance is given by the psychological threshold at 1.1500.

In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is at 1.1725. The recent move above the resistance at 1.1279 (20/03/2014 high) confirms this bullish outlook. A strong support stands at 1.1072 (02/10/2014 low).

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