Canadian Dollar Update

The 200% Fib extension was too much for the Canadian Dollar last night. I was looking for the "kiss" of the 34 ema for Leg 3; however, I suspected that the overbought correction could come sooner than later due to its super extended nature. Leg 3 has been aborted as can be seen from the chart below. We did not have any gracefully entry for the correction. I will be looking for a pullback to the 34 ema and then will go short for a trade down to the 200ema. This break of the support line officially kicks off the daily correction, which I expect to last a few days.