Commentary: This is one count that we are working with in the USDCAD. It labels the rally from .9055 as an impulse with an extended 5th wave in the form of a diagonal (overlapping). Under this count, larger wave 2 is likely to be a deep retracement, potentially bringing price all the way back to the 61.8% of .9055-1.0216 at .9499. This is also the origin of the diagonal and price often retraces the entire diagonal when that diagonal is in the 5th wave position.
Strategy: Bearish, against 1.0216, target 1 at .9790
