We maintain that the USDCAD is in a rally leg that will push through 1.0699 (likely next week). Target are 1.0821 (100% extension of 1.0340-1.0699/1.0462) and 1.1043 (161.8% extension). The rally from 1.0462 is either larger wave C or 3. This view is favored as long as price is above 1.0462. Very near term, it is possible that price drops below 1.0514 to complete a small correction.
Strategy: Remain Bullish, move risk to 1.0462 (from 1.0340), targets 1.0821 and 1.1043