USDCAD in Correction Phase?

Resistance: 1.0800
Support: 1.0700
Within the last couple of days the USDCAD has breached the 1.0500 level, the 1.0600 level, the 1.0700 level, and flirted with 1.0800 level - almost 400 pips in two days! The pair has tumbled most of this year, reaching thirty year lows, but this rebound may be just the beginning of a massive correction, with the 38.2% fib of 1.1875 - 1.0339 at 1.0924 potentially the next target.

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