Canadian Dollar 1.0470 is Key

[B]Commentary[/B]: The reversal with long term bullish implications is underway as there are 5 waves up from the 1.0470 low.

We are showing the short term structure this morning. A complex correction (W-X-Y) appears to be playing out, meaning that 1.0526 will be broken before the next leg up. 1.0470 must remain intact for the structure to remain bullish.

[B]Strategy[/B]: Bullish, against 1.0470, target TBD