USDCAD: I think red wave 4 ended near 1.38 and now we are in final red wave 5 which is going on progress towards 1.42-4250 area. However keeping in mind, according to Elliott Wave Rules wave iv can go up to the end of wave i but it cannot go into the territory of red wave i. Buyers can enter into market with current rate or better targeting 1.42 area. Stoploss should be couple of pips below the recent low.

muhiuddin