Our USDCAD bullish bias was proved wrong as 1.0047 failed to hold.
This means that wave E is still underway but is probable close to an end. E waves (as we’ve written here often) are usually sharp and the decline has accelerated. In fact, do not be surprised to see a test of the lower triangle line near .99 before the USDCAD turns up. We’ll look to identify the bottom late this week or next week.