US Dolar is on the run that's obvious fact lately, will it change or atleast run out of steam a little bit after this week GDP and Unemployment data ? That's another question. USD/CAD
is in an uptrend in longer term ( atached idea with weekly wave count ) and if we would take 1,128-1,062 move as an corective wave 4 then it's time for last leg up which should easily break March highs and follow higher. There's an falling wedge
break present on daily chart
to support that idea with 2 major ressistance levels broken in last weeks (Blue elipse, 1,072 level which served as ressistance in December 2013
and when it was broken USD/CAD
sky rocketed to 1,12 level in less then 3 weeks) and second one (red elipse, 1,082 level whish was an decent support in May 2014) If there will be any fundamental support towards US Dolar then we might be able to see a new yearly highs on USD/CAD
currency pair soon, Tapering, possible rate hike talks starting this fall and overall good situation on the labour market and inflation
indicators should support Dolar rally later this year.