The Minecraft 1.7.2 update included the new ability to enchant fishing rods.
Fishing rods can be enchanted
What enchantments can my Fishing Rod receive and what do they do?
From the official Minecraft Wiki page on enchantments there are two new enchantments specific to Fishing Rods, and one existing enchantment has been added:
Decreases average time between fish biting your hook.
Luck of the Sea
Lowers frequency of "junk" catches by swapping them to fish.
(100/(Level+1))% chance a use reduces durability. On average, lifetime is (Level+1) times as long.
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