USD/CAD Moving Towards Its Recent Highs

USD/CAD continues to improve after strong bounce off rising trendline 1.2801. Next resistance can be found at 1.3125 (19/03/2017 high). The technical structure suggests shortterm sideways moves.

In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pair is trading above its 200 DMA.