Technical Trading Tips and Techniques by 
(Please click on the accompanying chart to enlarge.)
As of early Thursday morning in New York, price on the key USD/CAD daily chart, as shown, has just bumped up against the substantial resistance offered by the top of a key uptrend channel. The top of this channel currently resides around the significant 1.1300 support/resistance region. Well-overbought Stochastics are indicating a potential waning of upward momentum. Price has tentatively retreated from resistance as of early Thursday morning. Any further downward correction after the impressive one-directional rally of the last several days could initially target the key 38.2% retracement level (around the 1.0950 region), as shown on the chart. In the event of any strong, sustained breakout above the aforementioned 1.1300 level, the next resistance target to the upside resides around the important 1.1450 region.
UPDATE: As of Thursday mid-morning in New York, price has tentatively broken above the key 1.1300 level, but the top of the abovementioned channel has not yet been substantially breached.
UPDATE 2: As of around noon on Thursday in New York, after breaking out above the 1.1300 level, fast-moving price action on this pair has broken well above the top of the channel, continuing further on to breakout tentatively above the mentioned 1.1450 resistance level. The next major resistance to the upside in the event of continued upward momentum resides around the 1.1650 level.
UPDATE 3: As of early Friday morning in New York, the above-mentioned 1.1650 resistance target has been reached and exceeded.