USDCAD Is Looking Higher Within A Five-Wave Impulse

USDCAD is breaking higher, now making some extended upward move which is acting like an impulse because of an extended and sharp move up from 1.3. As such, we think this can be impulse wave 3 where pair can slow down for a corrective pullback into wave four. Ideally that upcoming wave four will then stop and stabilize at the upper line of a base channel.

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Comment:

USDCAD is back at the highs as expected, after a perfect pullback into wave four which stopped at the 38.2% Fib level that we talked in the past updates. We see the fifth wave in play now which can be headed up to 1.3950 or to 1.4 psychological level where bulls can come to an end. Keep in mind that after every five waves pair will slow down for a three-wave pullback so do not be surprised by a shift in trend in weeks ahead. Higher crude oil can also help USDCAD to finally find resistance.