USD/CAD’s decline has so far taken it to a July low at 1.0622. It was made marginally above the 1.0621/1.0568 support zone from where it is currently bouncing back. This is made up of the 2012-14 uptrend line, 61.8% Fibonacci retracement and the July and August 2013 highs. Should it unexpectedly give way, the June 2012 high at 1.0446 will be back in the picture.
This we do not expect to see, though. Minor resistance can be seen around the 1.0707 early December high and the 50 % retracement at 1.0731, both of which are currently being targeted.
CB