[B]Commentary:[/B] The reversal that we have been expecting may be underway and a cautious bullish bias is warranted as long as price is above 1.0476. Still, we would like to see a clear 5 wave advance to signal the turn and instill confidence in the upside.
Coming under 1.0442 could see a test of the long term support line, near 1.0393. We are showing the weekly chart with the wave count to illustrate why the USDCAD is close to putting in a significant low.
[B]Strategy:[/B] Flat