Third quarter 2017 is not over, but nonetheless, the quarterly/macro-price action in the Canadian dollar is in the macro-process of establishing the required Wyckoff price action/steps “for a macro-bull market!” In macro terms, the January 2016 low, is a “selling climax,” which originated following the May 2015 area of preliminary support. The selling climax ended the long-term down wave [bear market] that began in the 4th quarter of 2007 [U.S. stock market high].

Canadian dollar quarterly

Additionally, and importantly, the January 2016 low is an important ending action “spring” of the initial low in 1st quarter 2009. Together, the low in 2009 and the subsequent low in January 2016 form a completed correction to the macro-rally, which began in 1st quarter 2002 and peaked in 4th quarter 2007 [U.S. stock market/sub-prime].

    
Canadian dollar monthly