Canadian Dollar Puts In Low at 1.0776?

Commentary: The USDCD is close to putting in an intermediate term low. A measured objective for the end of this small degree 5th wave is at the 161.8% extension of 1.1168-1.0965/1.1061 at 1.0733 but a rally through 1.0869 would suggest that a low is in place at 1.0776.

Expectations are for a larger 4th wave to bring price back near 1.1000/1.1168. Without concrete evidence of a low in place, and the fact that the upside is countertrend, we prefer to watch how the correction unfolds and look to get bearish for the eventual 5th wave decline to a new low. The corrective move higher is likely to unfold as a flat or a triangle (since the 2nd wave was a sharp correction).
Strategy: None