USD/CAD has broken its support at 1.0181 (15/03/2013 low), which opens the way for a move towards the support at 1.0102 (19/02/2013 low). The hourly support at 1.0160 (22/02/2013 low, see also the rising trendline) has been broken. An hourly resistance is at 1.0196 (27/03/2013 low).

A corrective phase is underway. Given the lack of a proper bearish reversal pattern, the current downside potential is likely given by the supports at 1.0102 (19/02/2013 low) and 1.0000 (14/02/2013 low, see also 200 day moving average).

Daily Technical Report