Loonie Pauses at a Cluster of Wave Relationships - 1.2800 Key

The USDCAD appears to be carving out some impulsive moves higher. This makes sense given that USOil has been slipping lower and appears poised to revisit $45/bl.

There is a cluster of wave relationship showing up in the 1.27 handle. If we successfully break above 1.28 (I’m showing a small degree false breakout zone of 1.2800-1.2820), then I’m eyeing 1.30-1.31.
Above 1.28, prices should hold above the previous wave 1’s.

Due to the multiple wave relationships in the 1.27 handle, a dip to 1.2600 is higher probability. This would be a dip to buy and let the market dictate what happens from there from an Elliott Wave perspective.

The trade plan for the USDCAD is simple, buy a break above 1.2800 or a dip to near 1.2600.