Canadian Dollar In Reversal Zone

[B]Commentary[/B]: There is no change to the outlook that calls for a reversal. "The rally from 1.0340 is clearly impulsive, signaling that the trend has changed from down to up (and at least one more 5 wave rally will occur). 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." It is possible that the pair chops lower to test the bottom of the zone at 1.0477 (alternate arrows in red). 1.0340 is the line in the sand. [B]Strategy[/B]: Bullish now, against 1.0340, target TBD