USD/CAD has recently increased its rate of ascent and is now close to the key resistance at 1.1725. Hourly supports now stand at 1.1605 (intraday high) and 1.1549 (15/12/2014 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). Given the current overbought conditions, the odds to see a consolidation phase are increasing. Key supports stand at 1.1398 (09/12/2014 low) and 1.1192 (21/11/2014 low). Another resistance is given by the psychological threshold at 1.2000.

Daily Technical Report