CAD has been on weaker spectrum of major currency group and this is evident from CADJPY . Please see below a monthly chart for big picture view - in which you will note that it has topped at upper end of the potential rising trend channel and has almost completed lower of this high.
However, this could not be the end of the correction of the move of the 2011 low and even 2009 low, and on Monthly it looks like it has just started.
Nevertheless as noted above the initial move of the high appear to be nearly complete and could form intermediate low in the region of 94.50 -94.0 area.
Summary based on H4 time frame:
1. Has retraced 88.6% of the move from 16th Oct to major high which confluence with other fib ratio.
2. Wave counts suggest the of the wave C appears near complete with internal 5 waves requirement for wave C and the wave 5 of C also has minor 5 wave counts potentially almost complete.
3.Potential divergence forming suggesting that the current decline could come to end soon.
4. The anticipated move retracement to the upside could be back to 99-100 offering decent opportunity with stop @ say 93.50 or even 92.50. If you are able to monitor the price action then better entry could be found with much less stop loss.
5. This retracement will offer more clues on likely longer term move. On to watch.
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