Commentary: The USDCAD has plummeted….again. We wrote about the 8 consecutive down weeks yesterday (this week will make it 10 if the pair closes down again) as well as the longer term channel (broken) as well as weekly RSI at 15 (now at 10), but fresh modern lows continue to be made.
From an EW perspective, a bearish objective for the end of wave 3 in the 5 wave bearish cycle from 1.1875 is at .8986. With the low today at .9055, the potential for a corrective rally to begin rather soon is high.
Strategy: Flat