Canadian Dollar Technical Outlook

I wrote yesterday about the USDCAD that “the implications are bullish over the next several months (and beyond) but bearish over the next several weeks. Under this count, a 5th wave would complete the rally from 1.0782 and give way to a multi week and potentially deep correction of the rally from 1.0782.” After reaching 1.1660, the USDCAD reversed and the aforementioned correction is underway. Fibonacci support is the 1.1100-1.1200 zone.