Canadian Dollar Finding a Base

Commentary: The USDCAD continues to drop below every measured objective for the end of large larger wave 3. Still, the next few weeks should see the USDCAD consolidate / pullback towards 1.0849/1.1036 (23.6% - 38.2% of 1.1825-1.0548) in wave 4 before wave 5 drops to a new low.

We?ll watch the form of the correction that unfolds so that we can align with wave 5 lower. As soon as we see impulsive upside action, we?ll commentate on short term bullish opportunities. For now, it looks like 1.0574 should remain intact until at least a test of the 100% extension of 1.0548-1.0636/1.0574 at 1.0661. Reward to risk is poor here and we do not see this as an opportunity (chart above is 15 minute). Strategy: None