USD/CAD fully unfolded wave IV as part of a bigger, bullish cycle up from 2011 lows, and proceeded to trade into a wave V. Wave V is also an impulse, so be aware of five legs to the upside, with the first wave 1 and 2 already completed. We can see wave 2 completed at the 1.294 level, from where a new rise started forming; ideally, a wave 3, which can take price towards the 1.45/1.47 region, where a new pullback may start forming.

USDCAD, weekly

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