Commentary: Near term, the USDCAD may have started tracing out a 4th wave correction from 1.0081. A potential terminus for wave 4 is the 23.6% of 1.0592-1.0081 at 1.0202.
This means that lower prices lie ahead but not before additional consolidation. Bigger picture, 1.0071 is the lowest that the USDCAD can go if the long term ending diagonal from 1.4000 is to remain intact. See yesterdays analysis for the diagonal analysis.