USD/CAD: The Key Resistance at 0.9949 Has Been Broken
USD/CAD has broken its key resistance at 0.9949, which is short-term positive. The next resistance is at 1.0085 (02/08/2012 high). An hourly support can be found at 0.9969 (intraday low). A short-term support is at 0.9889 (24/10/2012 low).
The underlying trend is negative (see mediumterm declining channel). Therefore, we see the rise from 0.9633 as a countertrend move. A medium-term resistance is at 1.0250 (12/07/2012 high, see also declining trendline).