So far the bearish reversal from 1.1270 is holding and can promote a still deeper decline. The wave count has been a challenge because of the recent overlap and 3-wave move to the highs. Our preferred interpretation now is that there is a complex wave-(2) correction underway, once the expanded flat is complete, the dollar rally can continue. (daily) S/t, the hourly chart suggests that there is still marginal upside towards 1.1230 where a=c. Once this small wave-ii completes will look for the larger decline towards daily channel support below 1.10. Conviction: Med Levels: Support – 1.1150, 1.1112, 1.1072 Resistance – 1.1200, 1.1230, 1.1271
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