Canadian Dollar Breaks 106.00

As Jamie Saettele has frequently discussed, the USDCAD continues to drop below every measured objective for the end of large larger wave 3.

The last of these was the 161.8% of 1.1168-1.0965/1.1061 at 1.0733. The next measurement for wave 3 is where wave v of 5 of 3 would equal wave i of 5 of 3 at 1.0666. We have refrained from trying to catch this bottom because there is no evidence that a bottom is in place. The most aggressive trader may look to establish a long position on a rally through the 5/30 high at 1.0756. Strategy: None