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USD/CAD: Bullish Breakout at 0.9973
USD/CAD has broken to the upside out of its horizontal range between 0.9825 and 0.9973. A test of the resistance at 1.0057 (16/11/2012 high) is likely. Hourly supports can be found at 0.9973 (31/12/2012 high). Another support is at 0.9947 (18/01/2013 high).
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.