Canadian Dollar Working Higher (USDCAD Lower) in a 5th Wave?

Commentary: We have favored a larger correction to 1.0173 (former 4th wave) to unfold as wave iv of 3 before a drop to a new low in order to complete wave 3 and give way to a larger correction.

Given the corrective nature of the advance from .9936, it is possible that wave iv of 3 is already complete so a drop to a new low may happen soon. There is no reason to get bearish now though, as we still expect a drop to a new low to be fully retraced since the decline would complete wave 3 within the 5 wave bearish cycle from 1.0866. Again, a larget wave iv would likely end near 1.0175. Strategy: Flat