USD/CAD: Approaching its Recent High
USD/CAD has broken the key resistance defined by the high of its medium-term declining channel (see below) and 1.0250 (12/07/2012 high). Monitor the test of its recent high at 1.0342 (01/03/2013 high). Hourly supports are at 1.0296 (intraday high) and 1.0256 (05/03/2013 low).
The decisive weekly close above the mediumterm declining channel (linking the April 2011 high with the April 2012 high) favours further strength towards the key resistance at 1.0447 (04/06/2012 high).