However, we have horizontal resistance turned to new support from May 2017 in the way. Which pattern prevails?
There is likely enough support to pop prices higher a little. So long as USDCAD is below the May 22 high, a break down below 1.38 is possible.
The point being the odds have shifted towards a bullish reversal as it is no longer a good risk to reward ratio to be short. Wave relationships and a trendline are guarding this 1.32-1.33 zone.