USD/CAD:: The Long-Term Rising Trendline is Challenged
USD/CAD is trying to bounce close to the support implied by the long-term rising trendline (around 1.0643). Another strong support stands at 1.0559. Hourly resistances for a short-term bounce can be found at 1.0697 (27/06/2014 high) and 1.0752 (25/06/2014 high).
In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is at 1.1725. However, a break of the support area implied by the long-term rising trendline (around 1.0643) and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.