Canadian Dollar Technical Outlook

I am presenting a slightly relabeled count on the USDCAD. The implications are bullish as this count anticipates wave 5 within the advance from .9055. The decline from 1.3068 is in 3 waves (to this point) and has found support at the 4th wave of one less degree (1.2020). I wrote Friday that “additional weakness should find support at 1.1861 (100% extension) but it is also possible that a low is already in place at 1.1976.” Near term, a short term impulse may be complete or close to complete. If so, then a corrective decline should unfold down to at least 1.2330.