USD/CAD: Surging Higher
USD/CAD surged higher yesterday. The resistance at 1.1125 is now challenged. Another resistance can be found at 1.1236 (see 50% retracement). Hourly supports lie at 1.1071 (intraday low) and 1.1019 (21/01/2014 high).
In the longer term, the decisive break of the major resistance at 1.0870 validates a multi-year basing formation whose minimum upside potential is around 1.1910. Key resistances can be found at 1.1125 (17/08/2009 high) and 1.1725 (08/07/2009 high).