Commentary: 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.
This is at 1.0666, 19 pips below today?s low at 1.0685. 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 break above former support at 1.0776. Strategy: None