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?
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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.