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USD/CAD: Bearish Breakout at 1.1032

USD/CAD has broken the support at 1.1032. The support at 1.0954 has held thus far. Monitor the resistance implied by the declining channel (around 1.1076), as a break is needed to improve the short-term technical structure. Another resistance stands at 1.1123 (04/02/2014 high), whereas another support can be found at 1.0843.

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).

Recent weakness has stopped our long strategy.

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