Canadian Dollar 30 Year Highs (USDCAD Lows) - Objective at 1.0400

[B]Commentary[/B]: The 5th wave of the decline that began at 1.1879 is close to an end and a multi year advance is likely to begin in the next few weeks. A potential end for the current decline is 1.0400, which is channel support. Still, the decline under 1.0548 satisfies minimum expectations.

Since the USDCAD is in a 5th wave, we do not see this as a breakout opportunity. We are showing the weekly chart with the long term outlook (2 to 3 years).

[B]Strategy[/B]: None