USD/CAD: Short-Term Correction Underway
USD/CAD has weakened after having failed to break the resistance at 1.1224. Potential supports for a short-term correction can be found at 1.1052 (50.0% retracement) and 1.1019 (61.8% retracement). An hourly resistance stands at 1.1143 (24/02/2014 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. A first resistance is given by the 50% retracement of the decline from the September 2009 peak at 1.3065 (around 1.1236). A support stands at 1.0911 (19/02/2014 low).