I wrote yesterday that “the short term USDCAD pattern suggests that we should be long, albeit at a better price. There are 5 waves up from 1.22, therefore expect a corrective decline over the next few days back to at least 1.25. Look to positions long against 1.22 in anticipation of a break to yearly highs.” The short term pattern has played out as expected. The trend is considered up as long as price is above 1.2197.