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USD/CAD - Bearish Breakout

USD/CAD has sharply declined. The pair has erased strong support area around 1.3700 (04/02/2016 low) and is now pausing. Hourly resistance can be found at 1.3735 (25/02/2016 high). Expected to see further weakening.

In the longer term, the break of the key resistance at 1.3065 (13/03/2009 high) has indicated increasing buying pressures, which favours further medium-term strengthening. Strong resistance is given at 1.4948 (21/03/2003 high). Support can be found at 1.2832 (15/10/2015 low) then 1.1731 (06/01/2015 low).

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