Canadian Dollar Working Towards 1.0850

[B]Commentary[/B]: We still maintain that “the 4th wave correction of the 1.1825-1.0548 decline is underway. The projected end for wave 4 is 1.0849-1.1036. 1.0849 seems more likely since that level intersects with channel resistance this week.”

Friday?s low at 1.0601 is the bottom of wave b within the larger wave 4. Price is above the 21 day SMA for the first time since March 20th.

[B]Strategy[/B]: We are bullish now, against 1.0548, targeting 1.0800