Canadian Dollar Technical Outlook

We wrote yesterday that “the short term picture is clear. The decline from 1.0378 is clearly a 5 wave decline and an a-b-c corrective rally is underway now towards 1.0117. The next level of resistance is Fibonacci resistance at 1.0184. Look for a top and reversal near these levels in order to position for a drop below .9755.” Look for a spike through 1.0102 that would complete the rally from .9871.” The high today is at 1.0124 and additional resistance is at 1.0184.
STRATEGY: 50% long triggered at 1.0119, 50% entry waiting at 1.0184, against 1.0385, target TBD (below .9755)