I wrote yesterday that “near term, a short term impulse may be complete or close to complete. If so, then a corrective decline should unfold down to at least 1.2330.” The correction reached 1.2330 but that drop may have been just wave a of an a-b-c decline. Look for support below 1.2325. Fibonacci support begins at 1.23 and extends to 1.2177. I’ll be looking to buy in this zone. A push above 1.2510 would suggest that 1.2325 was the end of the correction and that the USDCAD is headed higher in wave iii of 5.
Al Bawaba
