Commentary: We wrote Friday that “it looks like the USDCAD will extend above .9800. A pullback is expected soon though. The form of that pullback will alert us as to whether or not the USDCAD has put in a multi-month bottom or is headed lower.”
After reaching .9886 on Friday, the USDCAD has pulled back a bit, but a deeper correction is expected. The decline and consolidation is likely waves a and b within an a-b-c decline. The support zone should be strong at .9372/.9510
Strategy: Get long near .9372/.9510, against .9055, target much higher