Here is a wonderful example of a Rogue Wave in progress. A rogue wave explained by Bill is as follows:
"Sometimes everything is in synch and you will get a rogue wave effect similar to what occurs in the oceans of the world. These can be extremely profitable in the and stock market."
Although there is a very little mention of the rogue wave in his public PDF file, it is an extremely strong move when it occurs.
A rogue wave is when you have two Wave's that synch together, ideally having the same point 5 (as the two internal WW's do). This creates a strong reaction to the direction the WW is pointing. When looking at the bigger picture, we can see that there is another WW that is pending completion. This too, is in synch with the WW's currently in progress.
Overall, I expect the internal WW's both to hit their target and for the larger WW to complete.
The Daily view gives us a potential resistance zone and a Right Shoulder of the Head and Shoulders pattern. This in turn would act as point 4.
Taking a closer look, we also have a development of a WW in the 4h timeframe.
Keep in mind that if price breaks through the purple dashed line and proceeds to higher highs, the lightest red dashed line is the highest probability target before there is an retracement.
The recent break above the resistance mark (purple line) indicates that USDCAD has no wishes to move to the downside. Therefore, this Potential Wolfe Wave and the internal WW's are invalidated. The current break above the resistance line will be the start of a rally in this pair.