USD/CAD: Challenging its Recent High at 1.1174
USD/CAD continues to be supported by persistent buying interest. As a result, prices are now challenging the resistance implied by the recent high at 1.1174. Hourly supports can now be found at 1.1119 (intraday high) and 1.1079 (28/01/2014 low).
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).