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USD/CAD: Approaching its Previous Highs
USD/CAD has successfully tested its short-term support area between 0.9889 and 0.9872 (38.2% retracement of the rise from 0.9633 to 1.0019). A test of the resistance at 1.0019 is likely underway. Another resistance is at 1.0085. Support is at 0.9947 (08/11/2012 low).
The underlying trend is negative (see mediumterm declining channel). Therefore, we see the rise from 0.9633 as a countertrend move. A medium-term resistance is at 1.0250 (12/07/2012 high, see also declining trendline). We also note that, thus far, the 200 day moving average has acted as resistance.