Canadian Dollar 1.1000 Support

We mentioned yesterday that the “the USDCAD may launch an assault on the 1.1000 figure before a corrective rally unfolds.” This has happened this morning with the pair falling to 1.1005. 1.1000 is also the 261.8% extension of wave 1 (1.1879-1.1562)."

With a measured objective at 1.1000, deeply oversold daily RSI, and ATR declining (from 79 to 72) since 4/30, it is likely that the USDCAD is getting close to an intermediate term low. A 4th wave correction will bring the USDCAD up to Fibonacci resistance near 1.1199-1.1318 before a 5th wave completes the bearish pattern below 1.0927.