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USD/CAD: Moving Towards The High of its Horizontal Range
USD/CAD continues to move within its shortterm horizontal range between 0.9825 and 0.9973. The recent sharp move and the current mild correction favour a move towards the high of this range. An hourly support can be found at 0.9910 (21/01/2013 low).
The underlying trend is negative (see mediumterm declining channel in the daily time frame). Therefore, we see the rise from 0.9633 (14/09/2012 low) as a countertrend move. A test of the support at 0.9633 (14/09/2012 low) is likely in the next six months.