We wrote yesterday that “the rally from .9871 could reverse near the 61.8% at 1.0184 or the 78.6% at 1.0269. One reason that we are confident in the bearish case against 1.0378 is that the rally from .9871 to 1.0124 was in 3 waves, which is countertrend.” The reversal occurred at 1.0197 and it is probable that the USDCAD downtrend is back underway.
