[B]Commentary[/B]: We wrote yesterday that "we are looking for a corrective setback in the USDCAD to unfold. The rally from 1.0340 is clearly impulsive, signaling that the trend has changed from down to up. Wave c of the a-b-c correction from 1.0699 is unfolding now and should bottom in the 1.0477-1.0562 zone.
This is the 61.8% to 38.2% of 1.0340-1.0699." The USDCAD came into the reversal zone and found a low yesterday at 1.0551. Whether or not this is the? low of wave 2 remains to be seen. It is possible that the pair chops lower to test 1.0523 or the bottom of the zone at 1.0477 (alternate arrows in red). Regardless, long USDCAD is one of the best opportunities in the coming weeks. [B]Strategy[/B]: Bullish now, against 1.0340, target TBD