The extent of the rally from 1.0782 almost assures that the entire decline from 1.3068 is complete. Additionally, the rally from 1.0782 unfolded as an impulse and the 5 wave decline from 1.1730 may be wave C of an expanded flat. Even if the larger trend remains down, then the USDCAD should correct a portion of the decline from 1.1730 since the drop from there is in 5 waves and lows are not confirmed by momentum (divergence). To this point, the USDCAD has headed straight down but failure to break below 1.0782 keeps the bullish bias intact.