A USDCAD break below 1.0415 looks likely at this point. Still, price pattern since 1.0875 is not impulsive to the downside. The probability favors the idea that the decline since late October is a larger correction. 1.0300 is potential support (100% extension) (although the print below 1.0415 does satisfy minimum expectations for wave y).
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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