Canadian Dollar Technical Outlook

Wave E may be complete.

E waves (as we’ve written here often) are usually sharp and the decline has accelerated. The USDCAD has formed a base from the 7/15 low and a bullish bias is warranted against .9818. This is to prepare for the breakout above 1.0378 that is expected in the coming weeks.

STRATEGY: Bullish, against .9818, target above 1.0378