Technical Trading Tips and Techniques by 
(Please click on the accompanying chart to enlarge. Chart is courtesy of FX Solutions.)
Following up from Monday’s post regarding the USD/CAD pair (a 4-hour chart of which is shown), price has indeed bounced up cleanly off the uptrend support line and has surpassed the mentioned 1.2000 key resistance level, as of early Tuesday morning in New York. After having broken above this level, price could now potentially be shooting for the long-term high around the 1.2120 region.
UPDATE: As of Tuesday noon in New York, price has far-surpassed the 1.2120 region, shooting for the next immediate resistance around the 1.2250 level.
UPDATE 2: As of early Wednesday morning in New York, price action on the USD/CAD has broken out well above the noted 1.2250 support/resistance level onto new and dizzying highs. In the event of continued upward momentum, key resistance to the upside resides around the 1.2700 region.