USDCAD Daily and Weekly Wave Counts

The USDCAD appears set to rally in a fifth wave higher. The breakout from this triangle projects a thrust to roughly the 1.11 level in a fifth wave. This setup offers an amazing risk to reward ratio trade with the invalidation point just below at 1.0050.

However when looking at the weekly chart it appears that the upcoming fifth wave will break significant trendline resistance. The last time this occurred (in 2008), prices fell back to the former resistance trendline before exploding higher in an extremely powerful 3rd Wave. I believe a similar situation will present itself relatively soon. Ultimately, prices need to return to 1.3000+ in order to complete this Red Wave C.

USDCAD nearing end of B Wave. Higher Ahead?

USDCAD appears to be very near to completing a Wave B Green low. Given how close the 3rd wave of the current wave C came to the low of Wave A Green, this may develop as an expanded flat. Keep that in mind when placing stops. 

USDCAD to break above parity?

USDCAD appears ready to move much higher in a powerful Wave 3 Red which should see prices rise to minimum of 1.0725.