I wrote the last few days that “5 waves down from 1.2510 are probably complete so a correction, back to at least 1.1768 (former 4th wave price extreme) is expected. As the correction plays out this week, I’ll look to identify the top.” A top may be in place now as the rally from 1.1475 is overlapping (corrective) and the USDCAD reversed from the former 4th wave extreme (an Elliott guideline). There is short term resistance from 1.1720 to 1.1750.