As much as it pains me to blog this (I am short some CAD from earlier this week) but I have to point out the CAD looks as if it has more downside before we can see a legitimate bounce. Here is what the CAD futures contract shows us:
Downside trend line, 261% extension and AB=CD extension all comes in around the same spot around the .6800 level.
Unfortunately, my finger is already a little smelly as I have been trying to “pick the bottom.”
Chief Currency Strategist, Wizetrade
Disclaimer: I am currently long some CAD currency