USD/CAD may be trading in a correction of a higher degree, now in wave 4, that may ideally unfold as a simple three wave correction. That said current spike can be sub-wave b of 4, that may see limited upside a little above the wave 3 high. Afterward, a new drop into sub-wave c may follow, which may search for support around the 38.2 Fibonacci ratio.

USD/CAD, 1H