Weekly
![](https://media.dailyfx.com/illustrations/2016/11/17/eliottWaves_usd-cad_body_usdcad.png)
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-After pressing into a long term parallel for 2 weeks, USD/CAD broke higher. The rally has stalled at the 50% retracement of the decline from the January high however. The parallel has provided support, which favors the idea that the broader move is still higher. I wouldn’t consider the downside until/unless price dropped under 1.3262 (election reaction low).