USD/CAD: Intraday View

 | Mar 08, 2016 10:41AM ET

After the pair made a nice impulsive decline in black wave 5 of 3) from February highs, we now think that a pullback of a higher degree might be underway as in red wave 4). That said, we expect a minimum of a three wave set-back in wave 4) to around 1.346-1.350 area, before trend may continue lower again in wave 5).

USD/CAD, 1H