Commentary: We have stayed away from picking a bottom? in the USDCAD and for good reason. The wave structure was simply not complete. But, we are getting very close. The drop below .9910 this morning is likely the beginning of wave 5 lower within the 5 wave bear cycle from 1.0866.
If wave 5 is to equal wave 1, then the USDCAD may not find a bottom until .9680. A small 5 wave advance followed by a 3 wave setback will turn us bullish for the large recovery. Watch the weekly and monthly pivot calculated pivot supports for possible reversal points (table on page 1) Strategy: Flat (PATIENCE PATIENCE?.GETTING CLOSE)