USD/CAD - Approaching its Recent Lows
USD/CAD remains weak despite the proximity of the key support implied by its long-term rising trendline. The inability to break the hourly resistance at 1.0697 confirms persistent selling pressures. Monitor the test of the support at 1.0621. Another key support lies at 1.0559 (29/11/2013 low).
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 1.0656) and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.