Canadian Dollar Diagonal?

Commentary: The USDCAD continues to chop lower although it does appear that the decline from 1.0866 is nearing an end. We are treating the decline from 1.0094 as wave 5 within the 5 wave bear cycle from 1.0866. Under this count, wave 5 of 5 began at .9894 and may be close to complete as an ending diagonal.

A sharp rally in 5 waves would signal that a tradeable low is in place.

Strategy: Flat