USD/CAD: Pushing Lower
USD/CAD remains in a downtrend as can be seen by the break to the downside out of its symmetrical triangle. Supports stand at 1.0956 and 1.0911. Resistances now lie at 1.1048 and 1.1078.
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. The key resistance given by the 50% retracement (around 1.1236) of the decline from the September 2009 peak at 1.3065 remains thus far intact. A key support stands at 1.0911 (19/02/2014 low).
Given the recent new lows, we have to review our long strategy.