Canadian Dollar Reverses From Near 1.0500

[B]Commentary[/B]: After briefly dipping below 1.0500 last night, the USDCAD has rallied to 1.0560. This may be the beginning of the rally that takes out 1.0699 and leads to much higher prices. The bottom of the reversal zone that we have focused on is the 61.8% of 1.0340-1.0699 at 1.0477.

With the pair reversing very close to this level, there is no reason to alter the bullish outlook. A more complex correction could unfold but that would still most likely include a rally towards 1.0620 near term. [B]Strategy[/B]: Bullish now, against 1.0340, target TBD