Canadian Dollar May Test 1.0340 Again

[B]Commentary:[/B] We wrote yesterday that “with the decline from 1.0866 to 1.0531 in 5 waves, at least one more down leg is expected. 1.0657 is a potential reversal point (resistance) as is the 61.8% of 1.0866-1.0531 at 1.0738. Once we see evidence that the advance from 1.0531 is complete, we will publish bearish targets.”

A top may be in place at 1.0666, although a more complex correction could unfold towards the mentioned 1.0738. Still, a cautious bearish bias is warranted against 1.0666. Look for a test of 1.0340 if 1.0531 gives way.
[B]Strategy:[/B] Bearish against 1.0666, target TBD