USD/CAD: Persistent Selling Pressures Underway
USD/CAD has broken the key support at 1.0814, ending a 5 week consolidation. The momentum is negative as long as prices remain below the resistance at 1.0833 (intraday high). An initial resistance lies at 1.0776 (intraday high).
In the longer term, the technical structure looks like a rounding bottom with a minimum target at 1.1725. However, a break of the support area implied by the long-term rising trendline (around 1.0628) and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.