USD/CAD: Testing Support at 1.0602
USD/CAD is weakening. However, a short-term bullish bias is favoured as long as the hourly support at 1.0602 holds. Other supports can be found at 1.0559 (29/11/2013 low) and 1.0514 (see also the rising channel). Hourly resistances stand at 1.0670 (09/12/2013 high) and 1.0708.
In the longer term, the strong resistance at 1.0870 (02/11/2009 high, see also the long-term declining trendline from the October 2002 peak) continues to represent a major hurdle. Therefore, a break of this level is needed to call for further long-term strength.