USDCAD Sees A Breakout From 1.0550 - 1.0800 Range

Since the turn of the month, USDCAD has been stuck in a range with boarders at 1.08 and 1.055. Resistance was the most prominent level as a 61.8% fib of the February to November 2007 selloff. After three failed attempts to run the level, it seemed the choppy bullish momentum that has guided the market since the record low set last year was tapped out. Indeed, this morning, the pivot level around 1.0550 was put on the chopping block with a downside break that evolved into a 200 point decline (so far). There is support read around 1.0415 and 1.0310, but this certainly begs the question: is this the prelude to a deeper correction?