Canadian Dollar Breaks 1.0248

[B]Commentary[/B]: We have mentioned the last few days that our confidence in the USDCAD bearish structure was low. This morning’s push through 1.0248 negates the bearish outlook. Our previously alternate count is now the favored one; and the bullish potential is great. The next level of resistance is the 200 day SMA at 1.0364, but the next level of chart resistance is not until 1.0866. A measured objective is at 1.0915 (extension). We are waiting for the short term pattern to offer a lower risk bullish entry.

[B]Strategy[/B]: Bearish, against 1.0248 BUT look to exit near 1.0050 if given the chance