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USDCAD moved to a new high last week after an impulsive rally and break out of a triangle. We see the pair now in continuation mode, moving up in wave 5 that should be made by five waves.

Our target on a daily chart is around 1.1400 so we see room for more upside. Therefore we think that the current retracement from latest high is just a temporary short-term reversal; a correction as part of ongoing uptrend.

With that in mind, we expect the upwards move to resume this week, ideally from around the 1.1150/70 area where former swing highs may turn into a support line. The trend remains up as long as 1.1025 support is not breached.