USDCAD is looking at a potential top with the current upside move. Following the we are looking at a potential Pattern that would also help us define point 4. That rationale in and of itself is speculation since point 4 is near impossible to predict in a WW.
Looking at the higher time frame we get this view of the potential downside move.
Consider the following:
Darkest Red = Very High Probability Target, Low Probability Reversal
Medium Red = High Probability Target, Medium Probability Reversal
Lightest Red = Low Probability Target, High Probability Reversal
Stay tuned for further developments.
Although the Geo was invalidated, the Highest Probability target was hit. I expect the Medium Probability target be hit and for that area to act as a catalyst for the higher time frame WW in progress.
Price was stopped short precisely at the structural level Defined in the Daily Chart.