I think Usdcad has the potential to go alot higher in the long term 1.10 to as far as 1.21. The start of this impulse wave in the beginning of July marked the bottom for me as there is quite a cluster of fibonacci ratios in that area dating as far back as 2012.
I think this is a brilliant opportunity to ride the and take a good profit out of it. The beauty of is that they can be readjusted anytime fit a story/expectation. Hence they become an outstanding add on to any strategy that you already use!
For now though, If wave one is complete; we need to see a sharp correction in the 2nd (corrective) wave to validate the fact that indeed this is a major wave 1. Target expectations can be done in various ways; but In this case I have gone for the minimum...
perhaps you can adjust your TP in 2 or 3 segments based on your money management rules?