USD/CAD 4H Chart 9:40AM EDT 11/16/2012
Parity: If the market breaks below parity, it does lose some bullishness. But keep in mind we are in consolidation, so the bearish outlook is not really in play yet. In the near-term, the central pivot area in the 4H chart around 0.9945-0.9959 should be monitored. Ability to hold above this area maintains a bullish bias.
Breakout scenarios: A break to the upside, above 1.0040 continues a bullish market that started from the 0.9631 low in September. This bullish outlook has the 2012-high near 1.0444 in sight. The bearish outlook opens up if the market breaks below 0.9870, opening up the 0.9631 low.