*Typo alert* Rsi overbought not oversold 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 elliot wave 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 elliottwaves and take a good profit out of it. The beauty of elliottwaves 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?
So far this looks like a sideways correction..and hence can be seen as a 4th wave; which could mean that the downside is limited and more bullish bias is on its way!