USD/CAD continues to move in a succession of higher highs and higher lows, confirming an underlying bullish trend. Hourly supports now stand at 1.1449 (11/12/2014 low) and 1.1398 (09/12/2014 low).

In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is given by the strong resistance at 1.1725 (08/07/2009 high). However, this expected rise is likely to be very gradual. Key supports stand at 1.1192 (21/11/2014 low) and 1.1072 (02/10/2014 low). Another resistance is given by the psychological threshold at 1.20000.

Daily Technical Report