USDCAD Break to New High May be Temporary

The USDCAD rally from 1.1507 is considered wave 5 within a 5 wave rally from 1.0782. The pair is breaking higher from a triangle (wave 4) and breaks from triangles are considered terminal moves. That is, the break is temporary and leads to a reversal. The rally could reach as high as 1.2000, where it be roughly equal with wave 1 (1.0782-1.1295) of the same degree. However, chart resistance is at 1.1830 and the 1-3 line is at 1.1744 Wednesday.