The USD/CAD has been rallying persistently since the 1.0620 low in July. This week, it is back on track extending a break above a recent pennant, into fresh highs on the year.USD/CAD Daily chart 11/4(click to enlarge) At this point if we even get a pullback, we should see buyers in the 1.0250-1.30 area, and the daily RSI should hold above 40, maybe even 50. Where might USD/CAD now that it is in multi-year highs and has a full head of steam?We need to look at the monthly chart to see the next levels to monitor. USD/CAD Monthly Chart(click to enlarge) The monthly chart shows a market that could be heading back to the 2008-2009 highs around 1.30. This might be a long-term outlook, but there will likely be some significant consolidation before that.The first place we should look for resistance is in the 1.1715-1.1850 area. This is a big range, but remember we are looking at the monthly chart, so there is not much precision within 100 pips. If we get a week or so of topping action in this area and the monthly RSI is turning down from above 70, we can expect a significant consolidation, maybe turning back toward the 1.14 handle.