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USD/CAD: Potential Hourly Base Formation
USD/CAD has broken its key support at 0.9875 (07/11/2012 low), opening the way for a mediumterm move towards the next support at 0.9764 (11/10/2012 low). However, yesterday's bullish reversal may induce a short-term rebound. Hourly resistances are at 0.9888 (10/12/2012 high) and 0.9911 (intraday high).
The underlying trend is negative (see mediumterm declining channel in the daily time frame). 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 on a daily chart).