The recent breakout of the loonie from an exasperatingly stretched descending channel
at ~ 1.27, gives hope for some upside. This is a projection of a possible rally following a basic elliot wave
path calibrated with fibonacci levels. Shortly after the open this coming week I'll wait for a pullback and then enter long as shown with target at ~ 1.32. This position will obviously need confirmation of the dollar sustaining its current rebound and the fed remaining slightly hawkish with regard to a possible June hike. Moreover, oil
prices will have to remain rangebound and not see violent upswings for this setup to work.