$CAD gave us the reversal back above 1.0911 that signaled a tradable low. The rally so far remains below a longer-term uptrend and the previous 1.1000/1070 consolidation; a push through that zone is needed to promote our call for a move back to the highs near 1.13. (daily) S/t. there is a fairly strong impulse from the April lows that we have labeled as a completed wave-1 followed by an a-b-c correction. If wave-3 up is underway as opined pullbacks should hold above 1.0960. The wave-ii, minor correction, currently underway targets a bit further weakness to 1.0988; once complete, a rally through 1.1034 is expected to encourage the next wave up. (hourly) Conviction: Med/High Trade: Long (1.0942, 1.1002) SL 1.0915, TP 1.1580 Levels: Support – 1.0997, 1.0988, 1.0960 Resistance – 1.1022, 1.1034/45, 1.1070
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Nomura