Canadian Dollar Technical Outlook

The minimum objective that we have cited for some time is above 1.0324.

However, the alternate (in red) commands a good deal of respect. In the case of the triangle, the rally from .9818 would be wave D of the triangle to be followed by wave E lower that ends near .98/99 and then a bullish breakout. A push through 1.0322 could complete wave 1 of 3 of C as well. In other words, regardless of the pattern (up in wave C now or after wave E of a triangle), the rally in wave C is not going to be a straight shot from here.

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STRATEGY: Bullish, against .9967, target above 1.0324 (but lighten up on longs ahead of 1.0324 resistance)