The USDCAD has held above the support line drawn off of the November and January lows. This was the line that defined the lower end of the triangle that composes wave 4 of the 5 wave advance from .9055. The question is whether or not wave 5 is complete at 1.3068. The rally to that level could be wave 5 but could also be wave i of 5 (in the event that wave 5 extends). A drop below 1.2020 would confirm that 1.3068 is the top and that a larger pullback is underway. Until then, there is the possibility of a bottom and reversal.
