The Canadian dollar has recovered nicely against the US dollar. It continues to move in line with yield spread which is moving now back in favor of Canada. But is it time for a rest before continuing on this path? If we look at the retracement of Wave V into the high, 1.3541 represents a 61.8% retracement; with swing high support coming in at 1.3455. So, not a bad place for some consolidation, recovery, before lower; scope back to 1.4000-level shown as wave 2…that being said, we are getting some risk on again today and oil prices are moving higher…so not something we want to get in front of just yet…next key support level daily basis comes in at 1.3227…