USD/CAD further declined yesterday, confirming increasing selling pressures. Monitor the key support at 1.2314. Hourly resistances can be found at 1.2558 (02/02/2015 low) and 1.2644. Another support lies at 1.2185 (61.8% retracement, see also the steepest rising trendline).
In the longer term, the technical structure looks like a rounding bottom whose maximum upside potential is given by the strong resistance at 1.3065 (09/03/2009 high). Given the current overextended rise, the odds to see a consolidation phase are elevated. A key support stands at 1.2047 (intraday low).