USDCAD Not Ripe for Long Entry. Stay on the sideline.

The initial 5 wave move is almost nearing the end while BB indicator (on chart) is overbought. Also there is a strong resistance (red line) to surpass. All these considered, I would suggest to keep away from buying long into USDCAD for a while. Today's rally is just a reaction to S&P equity dump and most likely will be short lived. There will be good opportunity to jump in long shortly.