Very attractive long play but volatile and uncertain near term
USDCAD failed to break above the correction wedge (bull flag) today and register the (X) leg. the current (Z) leg could be very steep. Canadian employment data is due on Friday, which make this set up more dangerous. Aggressive play is to buy dip into April High at 1.2664 and manual stop 15 pip below the trend channel. Safer play is to wait for a break above the trend channel, which is probably next week....