Canadian Dollar Retraces In Wave 2

[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. [B]Strategy:[/B] Bullish now, against 1.0340, target TBD