USD/CAD: Making New Lows
USD/CAD has broken a 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). A test of the support implied by the long-term rising trendline (around 1.0632) is expected. An initial resistance now lies at 1.0752 (25/06/2014 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 1.0632) and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.