USDCAD - BETWEEN TWO LINES

Last week, the Canadian dollar stopped its march. USD/CAD hit a major support line, around 1.08 and bounced off. The pair shot upwards and closed at 1.1191. This support line served as a stubborn resistance line in August and September 2008. After it was broken, USD/CAD leaped higher. Now it serves as a strong support line.

USD/CAD is blocked in the other direction at 1.1470. This worked as a support line in two occasions:. In November 2008, the pair was falling down, and bounced back at this line. And just one month ago, in May, the Canadian dollar stopped at this line. After it crossed it two weeks later, it plunged down to 1.08.

So, the loonie is now in the middle of these two major lines. Was last week just a momentary pause, or a change of trend?