The USD/CAD has formed a perfect impulse from the 1.02 area, well contained within an Elliott Channel. Wave structure since then has been extremely choppy and hard to define. Above is a possible count, however due to the complex nature of the waves I do not have high confidence in it. In red and green I have drawn in two possible outcomes for this pair. A clearly defined wedge is present, and an eventual topside breakout is probable. So far the 61.8% Fibonacci has held as support. I think it is likely to be tested again, that is where I will be looking to go long with a stop at 1.02.
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