USD/CAD - Fading Near The Key Resistance at 1.0961?
USD/CAD has exhibited significant upper shadows in the last two days, suggesting increasing selling pressures near the key resistance at 1.0961 (see also the 50% retracement). An hourly support can be found at 1.0877 (31/07/2014 low). Another support stands at 1.0797 (29/07/2014 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 and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.